Tampa Electric client is threatening to sue over delayed audit report that supposedly cost them a filing deadline. My E&O broker is being vague about coverage. What exclusions should I be worried about?
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What's not covered by E&O insurance?
Most policies exclude intentional acts, criminal conduct, and sometimes contractual penalties. Missed deadlines can be tricky - depends on if it's considered professional negligence or breach of contract.
Employment practices, cyber liability, and bodily injury are usually excluded. Also watch out for 'prior knowledge' exclusions if you knew about a potential problem before getting coverage.
Punitive damages aren't covered in most states. Also, some policies exclude work done outside your stated scope of practice. If you're branching into new services, make sure your coverage follows.
The key is understanding the difference between professional liability (covered) and general business risks (not covered). Have your broker explain every exclusion in plain English before you sign.