Business Owners Policy
Property and general liability bundled into one policy for small and mid-sized firms.
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Professional Liability (E&O)
Claims that your advice, service or work caused a client financial loss.
What this cover does
General liability answers physical injury and property damage. It does not answer a client who says your work cost them money. Professional liability — errors and omissions — covers that, and is written on a claims-made basis, which makes the retroactive date one of the most important figures on the policy.
Typically included
- Negligence, errors and omissions in professional services
- Failure to deliver services as promised
- Legal defence costs, which usually erode the limit
- Claims arising from work performed by subcontractors you engaged
- Regulatory and disciplinary defence on some forms
Common add-ons
- Retroactive cover for past work
- Extended reporting periods — tail cover — when a policy ends
- Higher limits for contract requirements
- Technology E&O combined with cyber liability
Questions
What people ask about professional liability
What does claims-made mean?
The policy responds to claims made while it is in force, not incidents that happened while it was in force. Let it lapse without tail cover and claims about old work have nothing to attach to.
What is a retroactive date?
The earliest date of work the policy will answer for. Moving carriers without preserving it leaves everything before that date uninsured, which is the commonest avoidable gap in this line.
Often taken together
Related cover
General Liability
Third-party injury, property damage and advertising injury claims against your business.
Read more →Quote Professional Liability (E&O)
Tell us what you already have and we will show you where this fits — or tell you plainly that you do not need it.