The risk of a professional facing a claim for an error, omission (E&O) or negligence continues to escalate as the public’s increased scrutiny and distrust in Corporate America carries over to all professionals. The consequences of these claims are extremely unpredictable--and potentially devastating to a professional and a professional services firm. Often it is not the substance of the claim made against the professional but the legal action and the expense associated with the defense that causes the great cost.

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Professional Liability Insurance guards your company from claims if your customer holds you responsible for errors, or the failure of your work to perform as promised in your contract. Coverage includes defense cost.

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Professional Liability Insurance will pay for any resulting judgments against you, including court cost, up to the policy limits. Professional Liability Insurance can be extended to all employees and in some cases it will cover your subcontractors.

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Some of the professional industries requiring this coverage are:

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• Accountants

• Advertising agencies

• Architects & Engineers

• Attorneys

• Bankers

• Construction Managers

• Graphic design services

• Insurance Consultants

• Physicians

• Printers

 

FIRSTGATE works with reputable carriers who understand and can tailor coverage to industry-specific needs. The usual underwriting requirements call for a completed industry-specific application. In some instances a financial statement or other qualifying documentation may be required. Some of the companies we work with are:

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• AIG

• Arch

• Chubb Executive Risk

• Ace

• Gulf Insurance Group

• Zurich North America

• CNA