Errors and Omissions/Professional Liability in Rhode Island
Professional liability insurance is a type of insurance that generally helps protect professionals from liability claims related to the services they provide. Due to the fact that there are many different kinds of professionals, there are several different types of professional liability coverage. Here are some of the different types that are available to various professionals:
Medical Malpractice Insurance –
Medical malpractice insurance is a specialized type of professional liability insurance that covers liability resulting from alleged negligence from a physican, hospital, medical facility, nursing home, and/or assisted living facilities arising from disputed services that result in a patient's injury or death.
Directors and Officers Insurance –
D&O liability insurance payable to the directors and officers of a company, or to the organization(s) itself, as indemnification (reimbursement) for losses or advancement of defense costs in the event an insured suffers such a loss as a result of a legal action brought for alleged wrongful acts in their capacity as directors and officers.
Errors and Omissions Coverage –
Errors and omissions coverage is a form of professional liability coverage that is generally designed to help protect people who offer advice for a living. This type of coverage may be suitable for any professional who gives advice, which can include:
Accountants – who offer financial and tax advice
Insurance Agents – who give clients advice on insurance coverage and policies
Investment Advisor – who offer clients with advice on mutual funds, stocks, and investments
IT Professionals – who provide clients with advice for their computer systems
Lawyers – who offer legal advice to clients
Electrician, Plumbers, Carpenters, and other Tradespeople – who provide sometimes provide advice related to their respective fields
Real Estate Agents and Brokers – who provide clients with advice on real estate purchase and sales