Reply to PROFESSIONAL LIABILITY INSURANCE?

Forum Index » Jobs and Careers

Reply to "PROFESSIONAL LIABILITY INSURANCE?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous] I think that the description that you have posted is really more suited for a Commercial General Liability Policy, which generally covers personal injury and property damage.  Companies usually get this coverage if they have an office (it would cover liability if someone slips and falls and is injured on the premises) or if they sell property/services (eg, a faulty product that hurts someone, or a technician installing a product accidentally damages property).

The policy that your DH should look into is better called an Errors and Omissions policy, which covers consultants that make negligent mistakes in their work that causes financial loss to someone else (eg, you miss a deadline).  Here is an article that describes things better:

http://www.techrepublic.com/article/when-should-consultants-buy-professional-liability-insurance/[/quote]

If you fully read the description, you'll see it's not for a GL policy, because it refers to damages caused "while in the performance of such individual's official duties as a qualified employee[.]" It is very clearly a Professional Liability/E&O description. You can have a claim that falls within E&O coverage that results in property damage or bodily injury, not just financial loss, especially depending on what kind of professional you are.

OP, I don't know enough about your husband's particular employment situation, but it may make sense for him to have it. If there is a suit that names him personally, he may be covered under his employer's policy if his actions were clearly within the scope of his job, and he and his employer aren't adverse in the law suit. But if his employer tries to claim he was acting outside the scope of his employment when the harm occurred, you could find yourself in a situation where the employer's insurer refuses to provide any coverage, where the insurer agrees to cover the defense due to underlying factual questions but then refuses to cover a judgment based on the underlying findings of fact, or where your husband would be better off having his own separate defense and settlement strategy due to conflicts between him and the employer. Having his own professional liability policy in place will protect him in these cases. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics