Insurance for Professional Specialties is usually provided by smaller insurance providers that focus on certain niches such as engineers, architects, entertainment, construction, transportation and marine.
It is particularly important that you deal with an insurance broker who understands your niche market and can tailor the right insurance solution for your business.
Professional Specialty Services Insurance is vital for professions who offer professional advice to clients such as legal, medical, real estate, engineering and accountancy.
In the US, this type of insurance is often called by the descriptive term “errors and omissions insurance”. In a property transaction, if a conveyancer makes an error which costs a buyer or a vendor money, their E&O insurance will compensate for the loss.
In Australia, we know this insurance as Professional Liability Insurance or Professional Indemnity Insurance.
Melbourne Insurance Brokers has specialists who understand these niche markets and industries and can meet the specific needs of the people and businesses that work in them.