Start with the purpose of the coverage
Professional liability, often called errors and omissions coverage, is designed around the services a business provides and allegations of financial harm arising from those services.
What the policy is designed to address
Connect this decision to the insured operation, credible loss scenarios, current information, policy wording, and requested protection.
Who and what should be included
Connect this decision to the insured operation, credible loss scenarios, current information, policy wording, and requested protection.
Where separate coverage may be needed
Connect this decision to the insured operation, credible loss scenarios, current information, policy wording, and requested protection.
What the policy may help address
Alleged professional mistakes
Confirm covered causes, insured parties, locations, limits, deductibles, conditions, and exclusions in the actual proposal and issued policy.
Failure to deliver covered services
Confirm covered causes, insured parties, locations, limits, deductibles, conditions, and exclusions in the actual proposal and issued policy.
Defense costs for covered claims
Confirm covered causes, insured parties, locations, limits, deductibles, conditions, and exclusions in the actual proposal and issued policy.
Details to examine for this decision
- Claims-made trigger, retroactive date, and reporting duties
- Precise description of covered professional services
- Contract language, subcontractors, cyber exposure, and excluded services
Information to prepare
A complete submission helps distinguish the account and reduces avoidable follow-up. Prepare current records rather than relying on estimates from a prior policy period.
- Service descriptions and client industries
- Revenue by service and largest-client concentration
- Contracts, prior coverage, retroactive date, and claim history
Questions the review should answer
How does the program address claims-made trigger, retroactive date, and reporting duties?
Document the answer in the proposal, applicable forms, endorsements, schedules, or written underwriting confirmation. Do not rely only on a certificate or marketing summary.
How does the program address precise description of covered professional services?
Document the answer in the proposal, applicable forms, endorsements, schedules, or written underwriting confirmation. Do not rely only on a certificate or marketing summary.
How does the program address contract language, subcontractors, cyber exposure, and excluded services?
Document the answer in the proposal, applicable forms, endorsements, schedules, or written underwriting confirmation. Do not rely only on a certificate or marketing summary.
Frequently asked questions
What should a business prepare for a Professional Liability (E&O) coverage basics review?
Useful starting information includes service descriptions and client industries, revenue by service and largest-client concentration, contracts, prior coverage, retroactive date, and claim history. The specialist may request additional details based on the operation and available insurance markets.
Why should Professional Liability (E&O) be reviewed separately from other policies?
Professional liability, often called errors and omissions coverage, is designed around the services a business provides and allegations of financial harm arising from those services. The policy should also be coordinated with related property, liability, vehicle, people, contract, and continuity exposures.
Coverage descriptions are general and do not amend a policy. Eligibility, availability, limits, deductibles, exclusions, definitions, and terms vary by risk and insurance market. Actual policy documents control.