Business insurance
A professional liability policy addresses different risks from a general liability policy. The services provided and policy wording shape the comparison.
Understanding your options
Professional liability insurance may respond to covered claims alleging mistakes or failures in professional services. It is often called errors and omissions insurance; the actual policy defines the covered services and claim conditions.
Coverage, eligibility, limits and exclusions depend on the insurer and policy. Review the actual policy documents before making a decision.
A closer look
A client may allege an error in advice or work even without physical injury. General liability and professional liability are designed for different kinds of allegations; having one does not establish coverage under the other.
Some forms are claims-made and require claims to be made or reported within specified periods. Review the retroactive date, prior-acts treatment and any extended reporting option before changing or ending coverage.
Describe the services and any subcontracted work. Check whether defense costs reduce the limit, which people or entities are insured, and what the client's contract actually requires.
Before you reach out
Common questions
The terms are often used for similar coverage, but policy definitions and covered services control. Compare the actual forms rather than relying on the label.
A general liability policy is not a substitute for reviewing professional services exposures. Exclusions and endorsements determine its treatment of a particular claim.
A claims-made form can use this date to limit coverage for acts that happened before it. The policy wording determines how prior acts and reporting periods apply.
Reporting rights depend on the form and any extended reporting option. Review continuity before cancellation or changing insurers.
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