Newman Crane & Associates Insurance The Need for Professional Liability Coverage
Professionals may mistakenly believe that their company’s General Liability policy will step in to provide protection in the event an error or omission on their part causes financial harm to a client or a third party. This is not the case. A separate Professional Liability or Errors & Omissions policy is needed to protect against allegations that a mistake or negligence while performing one’s services caused a client to incur additional expenses or lost revenue. This policy is necessary for any business providing a professional service. A policy can be designed to cover you, your firm or practice and the actions of your employees.
At Newman Crane & Associates, we specialize in creating customized Errors & Omissions (E&O) plans as part of providing comprehensive liability protection. Coverage up to specified limits under an E&O policy includes contract performance of your professional staff, legal defense, and court or other costs for judgments that have been lodged against you. These plans may also cover your W2 and 1099 employees and subcontractors, even if they are off-site or out-of-state.
Some examples of E&O claims include allegations of conflicts of interest against attorneys; claims against real estate agents for closing transaction delays; or allegations against property managers for failing to disclose known pollutants on a property, resulting in additional cleanup costs and delays in tenant occupancy.
Covering A Broad Spectrum of Professionals
We can offer policies for:
- Architects & Engineers
- Contractors in Design/Build
- Financial Planners
- Management Consultants
- Mortgage Brokers
- Property Managers
- Real Estate Agents
- Tax Preparers
- Title & Escrow Agents
- And More
As a professional, your services benefit people on a daily basis. They depend on you for advice and expertise, but just one mistake — or perceived mistake — can have serious consequences on your business or practice, leading to claims against you and maybe even costing you thousands in court. Errors & Omissions/Professional Liability is designed to protect your assets should you find yourself embroiled in a lawsuit, even if the allegations are meritless.