Professional Liability Insurance - Illinois
Also Serving Aurora, Joliet and other areas in Illinois & Indiana
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Professional liability insurance may help pay claims that you or your company made mistakes that harmed a customer or client. Also known as errors and omissions (E&O) insurance, this coverage could be crucial to your organization's future financial well-being.
The agents at Buschbach Insurance Agency can help your Illinois business get appropriate insurance coverage.
What Is Professional Liability Insurance?
Professional liability insurance may help cover the following claims:
- Personal injuries, such as slander or libel
While professional liability coverage differs depending on the insurer, in general, it may help cover the following:
Professional liability insurance may provide coverage for up to 30 to 60 days after the policy expires. Your agent can help you get a policy with an extended reporting period of up to one year or more, depending on your needs.
Who Needs Professional Liability Insurance?
Professional liability insurance coverage may be appropriate for any business providing services to clients or customers. While Illinois does not require businesses to purchase professional liability insurance, this coverage can provide valuable financial protection.
Does Umbrella Insurance Cover Professional Liability?
Depending on the terms of the insurance agreement, a business umbrella insurance policy may provide some coverage for professional liabilities, such as errors and omissions. However, umbrella insurance only extends the limits of other business insurance policies. It does not provide stand-alone coverage.
Consult your agent to understand how a business umbrella policy can help protect your company.
Is Professional Liability Insurance the Same as Malpractice Insurance?
Malpractice Insurance is a type of errors and omissions (E&O) coverage initially designed for the healthcare industry. A professional liability policy may provide coverage for financial losses, while malpractice insurance may help cover physical losses.
Medical malpractice insurance might be more appropriate than professional liability insurance for medical professionals, such as surgeons, doctors, dentists, nurse practitioners and medical directors.
How to Get Professional Liability Insurance
Contact the agents at Buschbach Insurance Agency in Oak Lawn, Illinois, to get a personalized quote for professional liability insurance.
Additional Resources:
Five of the Most Common Liability Insurance Claims
Does Your Company Need a Business Owners Policy?
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