{"id":25930,"date":"2022-07-25T08:00:00","date_gmt":"2022-07-25T12:00:00","guid":{"rendered":"https:\/\/oxfordriskllc.com\/?p=25930"},"modified":"2022-07-25T08:00:00","modified_gmt":"2022-07-25T12:00:00","slug":"what-is-professional-liability-insurance","status":"publish","type":"post","link":"https:\/\/oxfordriskllc.com\/blog\/insurance\/what-is-professional-liability-insurance\/","title":{"rendered":"What is Professional Liability Insurance?"},"content":{"rendered":"

Professional Liability insurance, sometimes called Error and Omissions Insurance (E & O), provides protection for businesses that provide professional services against financial claims that come up as a result of those services.  This type of insurance is not part of the General Liability insurance it is an additional coverage, typically a separate policy.<\/span><\/p>\n

Who needs it?<\/span><\/strong><\/p>\n

Owners of businesses that offer professional services need professional liability insurance.  Depending on the industry Professional Liability may be legally required.  Here are a few examples of industries where Professional Liability can protect a business from a mistake:  Architects – Attorneys – Consultants – Designers – Engineers – Financial Advisors – Insurance Agents – Real Estate Agents<\/span><\/p>\n

What does it cover?<\/span><\/strong><\/p>\n

Professional Liability insurance covers the costs that arise from the service the Professional offers or the advice they provide a client.  <\/span><\/p>\n

Factors that effect the cost of Professional Liability Coverage:<\/span><\/p>\n

Amount of coverage: The more coverage you need, the higher your premiums will be.
Deductible: Deductible is the amount of money you have to pay out of pocket for a covered claim, before the insurance coverage will kick in. 
Industry: Certain industries, like architecture and construction, are more prone to negligence lawsuits than other industries and face larger premiums.
Company size: The larger a company is, the higher the premiums will be because a larger company is likely to have higher legal costs.
History: The insurer will consider the history of any lawsuits filed against your company. <\/span><\/p>\n

 <\/span><\/p>\n

Does your business need Professional Liability?  Reach out and let’s talk about it.  We can get some information from you and provide a quote!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Professional Liability insurance, sometimes called Error and Omissions Insurance (E & O), provides protection for businesses that provide professional services against financial claims that come up as a result of those services.  This type of insurance is not part of the General Liability insurance it is an additional coverage, typically a separate policy. Who needs… Read More »What is Professional Liability Insurance?<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":25931,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","footnotes":""},"categories":[2],"tags":[],"class_list":["post-25930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance"],"_links":{"self":[{"href":"https:\/\/oxfordriskllc.com\/blog\/wp-json\/wp\/v2\/posts\/25930","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/oxfordriskllc.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/oxfordriskllc.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/oxfordriskllc.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/oxfordriskllc.com\/blog\/wp-json\/wp\/v2\/comments?post=25930"}],"version-history":[{"count":0,"href":"https:\/\/oxfordriskllc.com\/blog\/wp-json\/wp\/v2\/posts\/25930\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/oxfordriskllc.com\/blog\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/oxfordriskllc.com\/blog\/wp-json\/wp\/v2\/media?parent=25930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/oxfordriskllc.com\/blog\/wp-json\/wp\/v2\/categories?post=25930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/oxfordriskllc.com\/blog\/wp-json\/wp\/v2\/tags?post=25930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}