Professional Liability Insurance

Professional liability insurance

This type of commercial liability insurance coverage protects the insured against an alleged failure to perform on the part of, financial loss caused by, and error or omission in the service or product sold by the policyholder. Professional liability insurance is commonly purchased by accounting and financial services, construction and maintenance, and physicians.

Errors and omissions insurance

This coverage protects the insured against negligent acts that cause financial harm to another individual and is most often used by consultants and brokers and agents of various sorts to include: notaries public, real estate brokers, insurance agents, appraisers, management consultants, architects and engineers, and website developers.

Fiduciary liability insurance

This coverage protects plan fiduciaries against claims alleging breaches of their duties to the plan, its participants and their beneficiaries, as well as claims arising out of the errors and omissions in the administration of the plan. Administration refers to the giving or counsel or advice to plan participants, record keeping and the managing of plan enrollment, cancellation or termination.