Professional Liability Insurance

Alternatively known as errors and omissions insurance (E&O), professional liability protects your business from alleged or actual negligence, libel or slander, and more by covering the cost of defense should a lawsuit occur. This is different from general liability insurance, which protects businesses against physical injury or damaged property claims.

The insurance coverage depends on industry/profession, location, number of employees, and years in business. Over the last year, small business owners throughout Mississippi have paid an average of $40 per month for professional liability insurance coverage. 

A Certificate of Insurance is a document that acts as proof of an active professional liability insurance plan. A COI will typically include the following:

• Policyholder
• Insurer
• Policy number
• The type of coverage
  • This may include coverage for more than just general liability, such as general liability insurance
• Coverage limits
• Policy effective dates
• Policy expiration dates

What makes professional liability different from general liability is that it covers financial losses due to mistakes in your organization's services or advice.

General liability covers mistakes that lead to physical damage from your organization's services.