Whether you are a CPA, an investment advisor or a banking professional, you are at risk of being sued for the services you provide. From disgruntled clients to fiduciary liability or even typos, you’ll want the right coverage in place to protect you and your career. While you hope to never be sued, it is important to know how to report a professional liability claim.
Don’t Go Without Coverage
Professional Liability Insurance (or Errors and Omissions Liability Insurance) is critical in protecting you and your business from the cost of certain legal fees, and judgments/settlements that you may face as a result of claims and litigation brought against you based on the advice or services you have provided.
While you hope you never have to report a professional liability claim, sometimes the inevitable happens, but Lockton Professional is here to help. We make the claim process as smooth as possible for you.
How to Report a Professional Liability Claim
As you report a professional liability claim, the timeline will vary depending on the claim and instance. However, the quicker you provide the required information and documentation, the faster your claim will be settled and you can get back to doing what you love.
- Contact your insurance company – At the first notice of a claim, lawsuit or potential claim, please contact Lockton Professional as soon as possible. We will obtain the necessary information to get your claims process started.
- Claims adjustor is assigned – After you have filed a claim and completed all the necessary paperwork, a claims adjustor will be assigned within 1-2 business days. They will review your claim and interview you and any potential witnesses.
- Repair/payment issued – After the claims adjustor settles the claim, the appropriate party will receive payments.
Learn more about Professional Liability Insurance at LocktonProfessionalInsurance.com.