Occupation Specific

There are several different types of Professional Liability Insurance policies. Most are designed to provide coverage for specific types of occupations. Business insurance needs vary widely depending on what sort of occupation is being pursued, and so Professional Liability Insurance policies can be customized to reflect that.

One of the most well known types of Professional Liability Insurance is Medical Malpractice Insurance coverage. This type of insurance policy covers claims that arise from the actions of doctors, nurses, and others in the medical field. In general, Medical Malpractice Insurance is the most costly of the Professional Liability Insurance policies and is generally underwritten by specialized companies familiar with the size and scope of this exposure for different kinds of medical professionals.

Another type of Professional Liability Insurance is Errors and Omissions Insurance. Errors and Omissions, also called E&O, provides coverage for claims and lawsuits that come about because of mistakes that occur during the work that a professional is doing for a client. Businesses that do a lot of client work, such as insurance agents, engineers, and real estate agents, should be covered by an Errors and Omissions Insurance policy. Errors and Omissions coverage can be narrower in scope than other types of Professional Liability Insurance policies.

More general Professional Liability Insurance policies exist for a wider range of professions, including architects, lawyers, and accountants. There are also policies available for photographers, Web designers, notary publics, and other - almost every profession that does work for clients can find a Professional Liability Insurance policy to suit their needs.

In some cases professionals may be required to have such a Professional Liability Insurance policy by law or a regulatory body.

Any professional that performs work for a fee can be exposed to Professional Liability Risk if there is the potential for clients to sue over mistakes or mishandled work. What type of policy is best for an individual or business owner will depend on his or her occupation, and is an important part of a conversation with an insurance agent.

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