Professional Liability Insurance in Mount Prospect & Beyond
Protection for Professionals Who Provide Advice & Expertise
Professional liability insurance — also called errors and omissions (E&O) — protects individuals and businesses that provide services, advice, or expertise. It covers legal defense, settlements, and damages if a client claims your work caused financial loss due to an error, omission, or failure to meet professional standards. General liability doesn’t cover these situations because they involve financial harm rather than physical injury or property damage. Whether you’re a consultant, realtor, accountant, marketing professional, IT provider, or contractor offering specialized services, E&O coverage ensures one allegation doesn’t jeopardize your business or reputation.
What’s Included in Professional Liability (E&O) Coverage
Legal Defense Costs
Covers attorney fees, court costs, and legal expenses — even if a claim is unfounded.
Errors & Omissions
Protects against claims that your work, advice, or services were incorrect, incomplete, or negligent.
Financial Loss to Clients
If a client alleges your actions caused them a financial setback — such as lost revenue or added expenses — E&O coverage can help pay settlements or judgments.
Industry-Specific Liability
Policy forms vary by profession. We tailor your coverage to risks associated with your field — whether you work in real estate, consulting, accounting, IT, marketing, or other specialized services.
Claims-Made Coverage
Most E&O policies use claims-made forms. We help you understand retroactive dates, tail coverage, and how to maintain continuous protection.
Contractual & Licensing Requirements
Some industries require E&O insurance for licensure, contracts, or professional association membership. We ensure your policy meets those requirements
What to Expect From Our Team
We start by learning about your industry, client interactions, and the specific services you provide. Then we match you with insurers who specialize in your profession’s risks — whether you’re in technology, financial services, real estate, creative work, or consulting. As an independent agency, we compare carriers and coverage limits to ensure your policy aligns with client expectations, contract obligations, and industry standards. We’re here to help you navigate claims-made forms, certificates, and any endorsements your line of work requires.
Understanding E&O Coverage
Below is an overview of how E&O insurance protects service-based professionals.
| Coverage Type | What It Covers | Why It Matters |
|---|---|---|
| Errors & Omissions | Mistakes or oversights in your work | Protects your reputation and finances |
| Financial Loss | Client revenue loss or damages | Covers claims general liability won’t |
| Legal Defense | Attorney fees and court costs | Lawsuits are expensive even when you’re not at fault |
| Industry-Specific Risks | Profession-tailored coverage | Ensures proper protection for your field |
| Claims-Made Requirements | Retro dates & tail coverage | Keeps your past work continuously protected |
Need clarity on E&O requirements for your profession? We’re here to help.
Common Questions About Professional Liability Insurance
Do consultants need professional liability insurance?
Yes. Anyone providing advice or services can face claims of negligence or mistakes. E&O coverage protects your business from financial loss and reputational damage.
What does E&O insurance cover for a small business?
It covers legal defense, settlements, and client financial losses related to errors, omissions, or failure to perform professional duties.
Is this the same as general liability insurance?
No. General liability covers physical injury or property damage — not professional mistakes or financial harm to clients.
Which professions need E&O coverage?
Consultants, realtors, accountants, architects, engineers, IT firms, marketing agencies, creative professionals, and many more.
How much professional liability coverage do I need?
It depends on your industry, client contracts, and exposure to financial loss. We help you evaluate appropriate limits and retroactive dates.
Protect Your Expertise — and Your Business
Even the most careful professional can face unexpected claims. Let us help you secure tailored E&O coverage so you can serve your clients confidently and securely.
