Professional liability insurance may take on different forms and names depending on the profession.
- For medical professionals, it is called malpractice insurance.
- For consultants, brokers, and lawyers, it is called errors and omissions (E&O) insurance.
- Other professions that commonly purchase PLI include: accounting and financial services, construction and maintenance (general contractors, plumbers, etc., many of whom are also surety bonded), and transport.
- Some charities and other nonprofits/NGOs may also benefit from PLI.
PLI coverage focuses on alleged failure to perform, financial loss, and error or omission in the service or product sold by you and your company. These potential causes for legal action would not be covered by a general liability insurance policy.
Professional liability coverage sometimes also provides for the defense costs, including when legal action turns out to be groundless. Coverage does not include criminal prosecution or a wide range of potential liabilities that are not enumerated in the policy, but which may be subject to other forms of insurance. The staff at Olde Liberty Insurance can help you understand the specific ways a PLI policy can help protect your Connecticut business.
Professional liability insurance is required by law in some areas for certain kinds of professional practice (especially medical and legal), and is also sometimes required under contract by other businesses that you might work with.
Contact Olde Liberty Insurance today to receive a no-obligation, customized quote from some of the most reputable carriers in the state of Connecticut.