E&O / Professional liability insurance
A tortfeasor is a business or individual accused of a tort, which is an act that harms another entity. Torts are often unintentional, but the tortfeasor can still be held liable for damages.
A tort is defined as a wrongful act or omission that harms a business or an individual. They often lead to lawsuits.
Tail coverage is a provision that provides coverage for incidents that occurred while you had your policy, but a claim wasn't filed until after your policy's expiration date.
The retroactive date is the earliest point in time that your insurance policy will cover an incident or dispute. It's sometimes called the retro date or retroactive date of inception.
An insurance renewal is the end of the term of your policy, at which point, you'll need to determine if you'd like to continue under the same policy with the same insurance carrier.
Clients could accuse your tech company of professional negligence if you fail to provide a service or meet their expectations.
Prior acts coverage, also known as nose coverage, offers protection from events that occurred before your existing policy was purchased, up to a particular retroactive date.
Business insurance is designed to protect your company against insurable risk, or the likelihood of a loss. But it's important to understand that even the most comprehensive insurance policies don't cover every type of risk.
An expiration date is the day your insurance policy lapses. Your insurance coverage will typically end at midnight on your policy's expiration date.
Want your insurer in your corner? A duty to defend policy makes it an insurer's obligation to provide legal defense for a lawsuit, instead of just compensating you for the claim.
A claims-made policy is a type of insurance that only covers claims while it's active. If a client lets their claims-made policy lapse before reporting an incident, the insurer won't recognize the claim.
A claimant is a person or business entity that files a claim to receive payment for a specific loss under the terms of an insurance policy.
An ACORD certificate of liability insurance is a document that provides a summary of your business insurance policy and proves you have liability insurance coverage.
The aggregate limit is the maximum amount your insurance company will pay for all covered claims filed during your policy period.
Virginia law doesn't require businesses to carry E&O insurance, but you might still need it to sign a contract or get licensed in your field. It provides crucial protection against lawsuits related to your work performance.
