Professional Liability insurance, also known as Errors and Omissions (E&O) insurance or Malpractice insurance in certain professions, is a type of insurance coverage designed to protect professionals and businesses from claims related to professional mistakes, errors, or negligence. This insurance is particularly important for individuals or companies that provide professional services or advice. Here are key features and aspects associated with Professional Liability insurance:

• Coverage for Professional Mistakes
• Legal Defense Costs
• Negligence and Misrepresentation
• Tail Coverage (Extended Reporting Period)

Industry Regulations

Certain industries or professions may have specific regulatory requirements for Professional Liability insurance. Professionals should be aware of and comply with any such regulations.

Tailored Coverage

Professional Liability insurance can be tailored to specific professions and risks. Policies may include specialized endorsements or additional coverages to address industry-specific exposures.

Prior Acts Coverage

Some policies may offer “prior acts coverage,” which extends coverage to claims arising from professional services performed before the policy’s effective date.
Professional Liability insurance is a critical component of risk management for professionals who provide specialized services. It helps protect against the financial consequences of claims that can arise from errors, omissions, or negligence in the course of conducting professional activities.

Commercial General Liability (CGL) insurance is a type of business insurance policy that provides coverage for a range of common risks faced by businesses. It offers protection against third-party claims for bodily injury, property damage, and personal/advertising injury. CGL is a fundamental component of a comprehensive business insurance strategy and is designed to help businesses manage the financial consequences of various liabilities. The key elements and coverages associated with Commercial General Liability insurance:

• Bodily Injury and Property Damage Coverage
• Personal and Advertising Injury
• Products and Completed Operations Coverage
• Medical Payments Coverage
• Legal Defense Costs

Additional Coverages and Endorsements

Depending on the specific needs of the business, CGL policies may include additional coverages or endorsements. Examples include coverage for damage to rented premises, contractual liability, and more.

Exclusions:

CGL policies typically have certain exclusions, and it’s essential for businesses to understand what is not covered. Common exclusions may include intentional acts, professional services, and certain types of property damage.

Underwriting Process

Insurance companies assess the risks associated with a business before providing coverage. Factors such as the type of business, its size, location, and the nature of its operations are considered during the underwriting process.

Policy Period

CGL policies are typically written for a specific period, often one year. The policy needs to be renewed to maintain coverage.