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Professional liability insurance (also known in some professions as Errors and Omission Insurance or E&O Insurance) isn't just for doctors and lawyers anymore. Every service professional, from contractors to software engineers, should consider carrying professional liability insurance. According to a recent study by insurance consultancy Tillinghast - Towers Perrin, U.S. tort costs increased 14 percent in 2001 to $205 billion. Moreover, standard business owner policies do not cover client claims of negligence.

What is professional liability insurance? How does it work?

     Professional liability is a form of supplementary business insurance that augments a business owner policy (including business general liability insurance). Professional liability covers financial losses and expenses generated by client claims of error, omission, or negligence. It also can protect against slander, libel, and breach of contract.

     Specialized professional liability insurance (also known in some professions as Errors and Omission Insurance or E&O Insurance) is available for many professions, including accountants, architects, contractors, dentists, doctors, engineers, and insurance agents. To be eligible for professional liability insurance, candidates must have proof of licensure in their "covered class of business."

     Professional liability policies feature a claim limit and an annual limit, based on the policyholder's liability exposure. The claim limit is the maximum that will be paid for any single event, while the annual is the maximum that will be paid in any one year. Typical limits range from $250,000/$500,000 to $2,000,000/$4,000,000.

Benefits of professional liability insurance...

     Safeguard your business from catastrophic loss in the event of a frivolous client lawsuit.

     Provide your clients an additional assurance that your practice or business is licensed and legitimate.

     General Information

      This section only needs to be completed once for multiple lines of coverage

Name of Business:

Name of Owners/Officers:

Contact Name:

Contact Phone & Fax:

 Phone:    Fax:

Contact E-mail Address:

Address:

City:

   State:    Zip:

Business Info:

C-Corporation
S-Corporation
LLC                

Sole-Proprietor

Partnership

LLP/Other

 Years in Business:

Fed. Tax ID or Social Security Number:

Business Description:

     Current/Previous Insurance Information

Current insurance company:

   Annual Premium:

Policy Period:

 Effective Date:    Expiration Date:

liability limits:

$ per claim          $ aggregate

Retroactive Date:

Any Other Carriers

(last 3 years):

No  Yes   If yes, please list name and estimated premium:

Any Insurance Claims Filed

(last 3 years):

No  Yes   If yes, please give following data:

 -Date of claims, amount of claims, description, and cost of claims:

     Payroll & Receipt Information

Gross Receipts/Sales:

 Current Policy Year:    Next Year:

Number of Employees:

Gross Payroll:

 Current Policy Year:    Next Year:

     Professional Information

Occupation:

Specialty:

     Additional Comments & Information

Please tell us anything else you think might be helpful to know in order to provide accurate insurance quotes: