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 your 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.

Use the links at left to learn more about A/E Insurance.