Ai Errors and Omissions Insurance



Professional Liability Insurance covers you or your business from faulty advice or service that is given to clients or third parties.
There are a plethora of fields and occupations that benefit from having Professional Liability coverage. The range is so broad and wide that it can be difficult to generalize about them, but here are some of the jobs where coverage should be obtained, or at least heavily considered:

  • Engineers
  • Architects
  • Accountants
  • Graphic Designers
  • IT Consultants
  • Insurance Professionals
  • Investment Advisors
  • Management Consultants
  • Real Estate Agents/Brokers
  • Software Developers

It's impossible for us to cover in-depth scenarios for all of these jobs, which is why it's crucial to spend time speaking with a professional liability consultant in order to find a policy that's tailored to your specific needs. For example, the needs of an Information Technology (IT) consultant are likely going to include cyber liability insurance, whereas a salon owner may not require this type of policy.

Having said that, it's important to note that cyber liability insurance doesn't only apply to professions such as IT consultants or software developers. One of the key features of cyber liability insurance is that it covers data breaches involving sensitive customer information. If you have client information stored electronically, this is something you should look into. 

If you're an investment advisor or an accountant planning on discussing professional liability policy options with someone, make sure you look into indemnity. Indemnity is a cornerstone of many insurance contracts, and depending on the contract's wording, gives security against loss or other financial burden. Please note that investment advisors and accountants are by no means the only professions that may benefit from indemnity.

If you happen to be a real estate agent or broker, some form of professional liability coverage is absolutely essential. As a broker of properties that will generally be worth at least six figures - and sometimes significantly more - you are exposed to substantial risk from numerous sources. You need to have coverage for crisis events, property damage, bodily injury, and information security. 

The nature of real estate makes it a particularly risky business to be in for those who attempt to forego coverage. For the vast majority of individuals, their home will be the most valuable asset they own or have equity in. Because of this, it's something they are willing to fight for, even if it involves a lengthy and stressful legal battle. Whether misfortune happens due to negligence or simply bad luck, the financial costs are substantial if you're not prepared. 

For engineers and architects, there are several common reasons that their clients may file claims against them. For architects, it can be due to misuse or overuse of materials. Or, in some cases, simply choosing the wrong materials to begin with. For both engineers and architects - particularly those working in consulting roles as independent contractors, there is always the potential for a disagreement over payments. 

Sometimes these disagreements/misunderstandings can be prevented by a carefully-worded contract. But even the most thoughtfully-made contract can't protect you from all possible scenarios, or guarantee that you and your client will see a given situation the same way. Then of course, there are project delays. The causes for delays may be completely out of your control, but that doesn't change the fact that your client wants the project completed at the time that was initially agreed upon. 

In an ideal world, clients would understand that the nature of certain projects requires some leeway. Unfortunately, not all clients are reasonable. When presented with delays, especially ones that could be considered a breach of contract, there's no guarantee that the client doesn't pursue every legal recourse available to them. Some less scrupulous clients may even secretly view it as an opportunity to recoup the cost they would normally have to pay you for your work. Whatever the case may be, it's important to protect yourself in these situations by obtaining professional liability coverage.

For information about additional occupations that may require professional liability coverage, please contact us for more information. There are too many jobs to list here. Even if it was possible, there are always unique cases based on the specific details of your or your client's business. Speaking with an expert gives you access to much more than facts. It gives you interaction with someone who knows from experience how to interpret those facts within the context of the business and legal environment you're in. They will also be able to compare industry rates for various types of coverage, to help you get the best deal possible for your money.


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