Professional Liability Insurance
Protect your business from claims of negligence, errors, and omissions with comprehensive E&O coverage
What is Errors & Omissions Insurance?
Professional Liability Insurance, also known as Errors and Omissions (E&O) Insurance, protects your business against claims of inadequate work, negligent actions, or failure to perform professional duties.
Whether you’re a consultant, accountant, architect, or any professional service provider, this coverage is essential to protect your business from costly lawsuits and claims that could threaten your financial stability.
Even if a claim is groundless, the legal costs to defend yourself can be substantial. Professional Liability Insurance covers both defense costs and any settlements or judgments against you.
Understanding Professional Liability Coverage
Professional Liability Insurance is designed to protect professionals who provide advice, services, or expertise to clients
Legal Defense
Covers attorney fees, court costs, and other legal expenses associated with defending against professional liability claims, even if the allegations are unfounded.
Settlements & Judgments
Pays for settlements or court-ordered judgments resulting from covered claims, protecting your business assets and financial stability from devastating losses.
Reputation Protection
Helps protect your professional reputation by providing resources to properly defend against claims and resolve disputes with clients professionally.
What Professional Liability Insurance Covers
Comprehensive protection against the most common professional liability claims
Professional Negligence
Claims that you failed to perform professional duties with reasonable care and skill, resulting in financial loss to your client.
Errors & Mistakes
Coverage for unintentional errors, mistakes, or inaccuracies in your professional work that cause harm to clients.
Missed Deadlines
Protection when failure to meet contractual deadlines or deliverables results in financial damages to your client.
Misrepresentation
Claims that you provided inaccurate information or advice that led to client losses or damages.
Failure to Deliver
Coverage when you fail to deliver promised services or results as outlined in your professional agreement.
Breach of Duty
Protection against claims that you violated your professional duty of care or fiduciary responsibility to clients.
Important Note
Professional Liability Insurance typically covers claims made during the policy period for incidents that occurred while the policy was active. It's important to maintain continuous coverage to ensure protection for past work.
Who Needs Professional Liability Insurance?
Any business that provides professional services, advice, or expertise should have this essential coverage
Accountants & CPAs
Tax preparation errors, audit mistakes, or financial advice that leads to client losses.
Architects & Engineers
Design flaws, structural issues, or project delays that result in financial damages.
Consultants
Business advice, strategic recommendations, or implementation guidance that doesn't meet expectations.
Attorneys
Legal malpractice, missed filing deadlines, or inadequate representation claims.
IT Professionals
Software bugs, system failures, data breaches, or technology implementation issues.
Healthcare Providers
Medical malpractice, misdiagnosis, treatment errors, or patient care issues.
Real Estate Agents
Property misrepresentation, disclosure failures, or transaction errors.
Marketing Agencies
Campaign failures, copyright infringement, or unmet performance promises.
Financial Advisors
Investment advice, portfolio management errors, or unsuitable recommendations.
Don't See Your Industry Listed?
Professional Liability Insurance is valuable for any business that provides services, advice, or expertise to clients. If your work involves professional judgment or specialized knowledge, you likely need this coverage.
Frequently Asked Questions
What is the difference between Professional Liability and General Liability Insurance?
How much Professional Liability Insurance do I need?
Coverage amounts typically range from $1 million to $5 million per claim, with aggregate limits of $2 million to $10 million. The right amount depends on your industry, client contracts, revenue, and risk exposure. Many clients require specific coverage limits in their contracts. We can help you determine the appropriate coverage level for your business.
Does Professional Liability Insurance cover intentional wrongdoing?
What is "claims-made" coverage?
How much does Professional Liability Insurance cost?
Premiums vary widely based on your profession, revenue, claims history, coverage limits, and deductible. For example, consultants might pay $500-$3,000 annually, while architects or healthcare providers might pay $5,000-$15,000 or more. We work with multiple carriers to find you competitive rates tailored to your specific profession and risk profile.
Can I get coverage if I've had claims in the past?
Do I need Professional Liability Insurance if I have a contract with my clients?
What is "tail coverage" or "extended reporting period"?
Tail coverage extends the time period during which you can report claims after your policy expires or is cancelled. Since Professional Liability is claims-made coverage, you need tail coverage to protect against claims filed after your policy ends for work performed while the policy was active. This is especially important when retiring, selling your business, or switching insurance carriers.
Why Choose Densmore Insurance?
Industry Expertise
Our agents specialize in Professional Liability Insurance and understand the unique risks facing different professions and industries.
Multiple Carrier Options
We work with top-rated insurance carriers to find you the best coverage at competitive rates tailored to your profession.
Comprehensive Coverage
We ensure your policy includes all necessary coverages and endorsements specific to your professional services and client requirements.
Personalized Service
From initial quote to claims support, we provide dedicated service and guidance throughout your policy lifecycle.
Claims Assistance
If you face a claim, we're here to guide you through the process and ensure you get the support you need from your carrier.
Risk Management
We provide guidance on best practices and risk management strategies to help you minimize your exposure to professional liability claims.
Ready to Protect Your Professional Practice?
Get a customized Professional Liability Insurance quote today
Get Your Professional Liability Quote
Protect your professional practice with comprehensive E&O coverage. Fill out the form and we’ll provide you with a customized quote tailored to your profession and risk profile.
Phone
(515) 967-3390
info@densmoreis.com
Address
85 Plaine Street SE, Suite G, Bondurant, Iowa 50035
Visit Our Office
Stop by our location to speak with one of our experienced insurance agents in person.
Densmore Insurance Strategies, Inc.
Bondurant Office (Main)
Address
85 Paine St SE ste g, Bondurant, IA 50035
Phone
(515) 967-3390
Office Hours
Mon - Fri: 8:30 AM - 5:00 PM Sat - Sun: Closed