Most professionals know they need insurance, but many don't realize their general liability coverage has significant gaps when it comes to professional services. In this episode of Absolute Trust Talk, host Kirsten Howe continues her conversation with Dean Myers, owner of Core Insurance Agency, to explore errors and omissions insurance—specialized coverage designed specifically for professional liability risks. Discover which professions beyond doctors and lawyers should consider E&O coverage, including architects, engineers, accountants, and contractors who incorporate design elements into their work. Learn what actually drives malpractice claims (hint: it's often administrative issues rather than technical errors), how premium costs vary between specialties, and what "tail coverage" means for your long-term protection. Whether you're evaluating your current coverage or exploring professional insurance for the first time, this conversation offers practical insights to help you understand your options. This is Part 2 of our business insurance series—our next episode will cover cyber liability coverage.

Time-stamped Show Notes:

0:00 Introduction

1:06 What is E&O insurance, and why do professionals need specialized coverage beyond general liability?

3:57 Why E&O is standalone coverage excluded from all other policies, and why you need a specialist broker to obtain it.

4:13 How premium costs vary dramatically based on practice area - why patent and intellectual property lawyers pay more than estate planning attorneys.

5:04 International patent claims require specialty counsel charging far more than standard insurance defense rates, driving up premium costs significantly. Here’s what you need to know.

6:00 Medical malpractice reality: why dermatologists pay less than obstetricians, and why anesthesiologists face high premiums due to drug access.

7:00 The surprising truth: over 50% of legal malpractice claims are purely administrative failures, not technical errors.

7:58 Real claim example: lawyer's failure to appear in Los Angeles County court from Santa Barbara - distance and backup planning matter.

8:44 Why lawyers excel at risk management by staying in their lanes and being selective with clients.

9:37 How ER physicians are paid per patient visit, creating potential conflicts between volume and quality of care.

12:03 The contractor design trap: why general contractors who design staircases, handrails, or balconies face uncovered exposures.

13:31 How contractors win bids by offering design services but create massive liability gaps their standard coverage won't protect.

14:43 Tail coverage explained: protecting your retirement from claims that surface years after you close your practice.

15:15 Picture yourself on a beach in Fiji, five years after retiring, when a claim surfaces from your past work-tail coverage protects you.

16:08 Good news about tail coverage: no applications required, elect the coverage when you retire.