INSURANCE ADVISORSAdvice, designs, recommendations and specialized services can lead to allegations of financial harm. Wave helps Texas service businesses review professional liability, often called errors and omissions or E&O, alongside their broader business insurance.
Discuss professional liability insurance ↗
Coverage depends on the insured professional services and policy wording. Review your contracts, deliverables, subcontracted work and customer industries so the description reflects your actual operation.
A consultant, designer, and technology provider may use similar contract language while performing very different work. Bring sample agreements so we can discuss your scope of services and the coverage description together.
Professional liability may respond to covered claims alleging a mistake, omission or negligent professional service. Coverage does not guarantee successful outcomes or insure every contractual promise, refund or business dispute.
For example, a client might allege that advice or an omitted step caused a financial loss. We discuss the type of allegation the policy addresses and the obligations that may remain uninsured.
Review whether defense expenses reduce the policy limit, how deductibles or retentions apply, and any consent-to-settle provisions. Per-claim limits, aggregate limits and related-claims wording can affect the amount available.
A defense can be costly even when an allegation is disputed. Ask whether legal expenses sit inside or outside the limit, and how much you must contribute before the insurer pays.
Many policies use claims made or claims made and reported coverage. Review when a claim must first be made, when it must be reported, the retroactive date and prior-knowledge exclusions. Promptly follow the actual policy’s notice requirements.
The date the work was done is only part of the story. An allegation received near renewal deserves prompt attention to the reporting provisions of the applicable policy.
A lapse, insurer change, retirement or business sale can create reporting issues. Discuss continuity, prior acts and any extended reporting period before a policy ends. A reporting extension generally does not cover new work performed afterward.
Before replacing a policy, compare the treatment of earlier work and any open circumstances. An extended reporting period has defined deadlines and conditions, so it should be considered before coverage ends.
General liability, cyber, commercial property, workers’ compensation and other policies serve different purposes. Technology services, data incidents or bodily injury exposures may require a coordinated review of exclusions and available specialist forms.
A data breach and an allegation of incorrect professional advice can arise from the same project. We compare the roles of cyber and professional liability coverage rather than assuming either policy addresses every part of the event.
Based in Arlington, Wave serves Dallas and Fort Worth and businesses throughout Texas. Start with a conversation so we can identify the information and applications relevant to your operation.
Do not assume it does. General liability and professional liability address different exposures, and professional services exclusions may apply. We compare your services and contracts with the relevant policy wording.
Consultants, designers, technology firms, real estate professionals and other businesses providing specialized advice or services may have an exposure. Availability and appropriate policy forms depend on the profession, services and underwriting.
Coverage availability, eligibility, limits, deductibles, and exclusions vary by insurer and operation. These descriptions are general information; only the issued policy and endorsements determine coverage.