Professional Liability Insurance Guide

What this page helps you decide

This guide focuses on professional services and alleged financial harm. Depending on the policy, it may address errors, omissions, negligence allegations and defense of professional-service claims. The practical question is whether the quote matches the business’s real operations, contracts, property, vehicles, employees, or services.

Important caution: claims-made terms, retroactive date, prior knowledge and contractual warranties require close review.

What to collect before comparing quotes

Use one consistent exposure file for every quote.

• Plain-English description of operations and any higher-risk or occasional work.
• Revenue, payroll, employees, subcontractors and class-code information where relevant.
• Locations, property, vehicles, tools, equipment and customer property.
• Leases, client contracts, lender requirements and COI wording.
• Prior claims/loss runs and current risk-control practices.

Policy details to compare

Read the declarations, forms list and endorsements rather than comparing premium alone.

• Named insured and covered operations.
• Limits, sublimits, aggregate structure, deductible or retention.
• Definitions and exclusions.
• Required endorsements and contract wording.
• Claim notice, audit, renewal and cancellation conditions.

When another policy line may matter

Business risks often cross policy boundaries. A strong comparison identifies what this policy does not address and which separate line should be reviewed.

• Employee injury vs third-party injury.
• Owned property vs damage to others’ property.
• Professional advice/services vs ordinary premises/operations.
• Owned autos vs hired/non-owned autos.
• Cyber/privacy/funds-transfer vs ordinary liability or crime.

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