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What is Professional Liability insurance?

Professional Liability is designed to protect traditional professionals (e.g., accountants, attorneys, real estate brokers, and consultants) against liability incurred as a result of errors and omissions in performing their professional services. These policies only cover economic or financial losses suffered by third parties, as opposed to bodily injury (BI) and property damage (PD) claims. This is because the latter two types of loss are typically covered under commercial general liability (CGL) policies. In addition, professional liability policies commonly contain what are known as “shrinking limits,” meaning that unlike CGL policies (where defense costs are paid in addition to policy limits), the insurer’s payment of defense costs reduces available policy limits. Accordingly, when attempting to determine appropriate policy limits, insureds must consider the fact that because defense costs are often a high proportion of any claim settlement or judgment, they may need to purchase higher limits than they would have for indemnity only. 

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Frequently Asked Insurance Questions

Currently, insurance carriers are fairly lenient on policy lapses. It is generally a good idea to keep your construction insurance policy and bond in force. 

If you have a lapse in coverage and are having trouble finding coverage, one of our construction insurance specialists will do everything to get you insured.

Call (425) 242-5357

First Underwriters Construction insurance specialists will shop our network of over 100 admitted insurance carriers and find the lowest down payment and monthly payments.

Call (425) 242-5357

If you've been declined elsewhere for prior losses, First Underwriters Construction Insurance Specialists will find a carrier  that will meet your insurance requirements and get you back to work.

Call (425) 242-5357