Who should have E&O insurance?
Errors and Omissions (E&O) insurance is used across a diverse range of industries, from finance to trades. E&O is frequently used to protect professionals who give advice.
Who should have D&O insurance?
Directors and Officers (D&O) insurance is mainly for individuals occupying executive roles, board memberships, or similar leadership positions. D&O may protect organizational leaders from personal liability if their decision harms the organization they lead.
D&O can be used to protect leaders of both for-profit businesses and not-for-profit organizations.
Who typically pays for professional liability coverage?
In conventional employment scenarios, the responsibility of paying for professional liability often lies with the employer. Coverage that’s paid for by an employer typically extends to all work done for the employer, but only work done for the employer.
Professionals who are self-employed, or work as contractors, usually need their own professional liability policy. Employees who moonlight might also need their own coverage for the extra gigs they do.
How much are premiums for professional liability policies?
The premiums charged for professional liability policies vary greatly, with the field of work being one of the biggest factors. A surgeon will likely pay more for their coverage than an accountant. Experience, certifications and past claims history are some of the other factors insurance companies usually consider.
An independent insurance agent can help professionals find out how much insurance companies will charge specifically them. Independent agents have the freedom to compare quotes from several insurance companies.