Professional Liability

Professional Liability exposures stem from the acts, errors or omissions arising out of your performance of a professional duty. The clearest example is medical malpractice coverage for doctors and other health professionals. But professional liability extends to many professions and service industries, such as real estate brokers, accountants and insurance agents.

The policies written by insurers to cover professional liability vary greatly in the coverage granted. Some questions that need to be answered for your company’s peace of mind may be:

Policies are generally written on a claims-made basis. Are you covered for prior acts? What if one of your team members leaves – is there coverage for acts they did while at the firm after their departure?
Will the insurer have a duty to defend you, or do you need to defend yourselves (funding the defense) before the insurance company will reimburse you?
If your reputation is at stake, does the insurance company give you the right to refuse settlement and take the case to trial? If you do so, is your coverage diminished?
If you are changing insurance companies – do you need to do anything special to avoid gaps in coverage?
Are there exclusions that make the coverage less than desirable?