Professional liability insurance is a supplementary form of liability protection for professionals who provide advice or other consulting services. Professional exposures are excluded on general liability policies which this coverage is so important for consulting-type exposures of a business.
Depending on your line of work, the name and specifications of your professional liability policy may vary. For example, medical professionals such as doctors, physicians or surgeons may purchase malpractice insurance, while those providing legal, financial or contract-based services may carry errors and omissions insurance (aka E&O Insurance). Regardless of what it is called, this type of insurance is a risk management plan that protects you against liability for claims other than bodily injury or property damage.
A financial loss to a customer or client is possible, even if unlikely, in many types of advice and service oriented business transactions. Protect your small business or practice from the costs associated with a liability claim that extends beyond the provisions of your general liability policy. Contact Edge Insurance to get a quote on professional indemnity insurance with the right coverage for your line of work.