Design Professional P&C
Overview of the Property Casualty Insurance Coverages that are purchased by Design Professionals
The table below is a list of all the property casualty insurance coverages that a typical professional services firm purchases.
| Insurance Coverage | Comment |
| Professional Liability Insurance (Errors & Omissions or E&O insurance) | Covers errors and omissions made or alleged in the practice of professional services. |
| General Liability Insurance (GL, Business Liability, Comprehensive Liability coverage) | Covers liability for bodily injury and property damage arising from non-professional acts. |
| Property Insurance | Coverage for your office building, office equipment and business contents. |
| Inland Marine Insurance (Equipment Floater) | Cover equipment while in transit or away from premises. |
| Business Owners Policy (Business Package or BOP) | A combined policy including GL, Property and Inland Marine coverages plus other miscellaneous coverages(1). For many firms the BOP replaces the need for separate PL, GL & Inland Marine policies. |
| Commercial Auto Insurance (Business Auto Insurance) | Auto Insurance for autos owned by the business. |
| Workman’s Compensation (WC) | Covers employees for on-the-job injuries. |
| Umbrella Insurance (Excess Insurance) | Provides higher limits of coverage for GL, Auto Liability and Employers Liability coverages (2). |
| Employment Practice Liability Insurance (EPLI) | Covers the firm and management for claims of discrimination, sexual harassment and wrongful termination. |
| Fiduciary Liability Coverage | Covers a breach of fiduciary duties by the fiduciaries of Employees Retirement Plans. |
| ERISA Bonds | Needed for 401(k) plans or other qualified retirement plans. |
| Directors and Officers Insurance (D&O) | Covers your firm and your management for claims made by other shareholders /owners. (Optional coverage for most firms) |
(1) See Summary of BOP coverage for a listing of miscellaneous coverages.
(2) Employer’s Liability Insurance covers employers against employee claims that an illness or accident was caused by unsafe working conditions.