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.
|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.