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The world is constantly evolving and changing. While many of us do not like this thing called “change,” it is necessary to evolve with things. The same is said of insurance. New professions are being created every single day and with that comes the need to cover new risks in new ways. Though professional liability is not a new concept, it is becoming more and more common based on a sue happy society.

Professional liability insurance is a form of business insurance that safeguards a business professional against potential claims of negligence generated by their clients or patients. Depending on the profession, professional liability insurance can take on a number of names, such as professional indemnity insurance, errors and omissions insurance, medical malpractice insurance. For website developers, software developers, real estate brokers, notaries public, management consultants, and other non-medical professional involved in a small business, the insurance is typically termed E&O or errors and omissions insurance. For those in the medical field, it’s called medical malpractice insurance.

The purpose of professional liability coverage is to give coverage beyond general liability insurance, which usually covers property damage, personal injury and bodily injury. With professional liability, the insured is protected against a failure to execute as well as financial loss due to an error or omission relating to services rendered or products sold. Additional coverage such as intellectual property, breach of warranty and other areas can be added to the main professional liability insurance policy. Insurance terminology makes it confusing so here’s an example - suppose a software company sells its product to a company, but the software ends up performing inadequately. If the performing software caused a financial loss to the company who purchased the product, the company may have a possible claim due to the failure of the product to perform as expected. If the software developer had an errors and omissions policy however, he’ll be covered. Professional insurance may also cover defense and legal costs, whether the legal claims have grounds or not.

When you’re looking at your insurance costs, depending on your professional life, professional liability insurance could be something you need to consider. If you have questions regarding your Oklahoma City professional liability insurance, contact ECI.

Avery Johnson
Contact Avery Moore
Call: (405) 373-2977


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