Call Us 401-722-4271 ☰ ˟
Manage Policy File a Claim
Logo
401-722-4271
  • Home
  • Our Agency
    • Commercial ProductsImage of right arrow
      • Coverage for Specific IndustriesImage of right arrow
        • Accounting Firm Insurance
        • Insurance for Arborists
        • Bar Insurance
        • Box Truck Insurance
        • Builders Risk Insurance
        • Car Dealership Insurance
        • Cargo Insurance and Freight Insurance
        • Catering Insurance
        • Cleaning Business Insurance
        • Construction Insurance
        • Consulting Firm Insurance
        • Contractors Insurance
        • Specialty Trade Contractors Insurance
        • Craft Brewery Insurance
        • Dental Practice Insurance
        • Dump Truck Insurance
        • Educational Facility Insurance
        • Financial Institution Insurance
        • Food Truck Insurance
        • Fleet Insurance
        • Handyman Insurance
        • Garage Insurance
        • Healthcare Facility Insurance
        • Healthcare Practice Insurance
        • Law Firm Insurance
        • Life Science Insurance
        • Limousine Services Insurance
        • Liquor Liability Insurance
        • Livestock Insurance
        • Maintenance Contractors Insurance
        • Manufacturing Insurance
        • Marijuana Insurance
        • Maritime Employers Insurance
        • Media & Advertising Insurance
        • Non Profit Insurance
        • Orthotics & Prosthetics Insurance
        • Personal Trainer Insurance
        • Pharmacist Insurance
        • Pool & Spa Insurance
        • Printers & Publishers Insurance
        • Railroad Contractors Insurance
        • Real Estate Businesses Insurance
        • Restaurant Insurance
        • Retail Insurance
        • School Bus Contractors Insurance
        • Scrap Metal Insurance
        • Security Guards Insurance
        • Self-Storage Insurance
        • Septic Contractors Insurance
        • Snow Plow Insurance
        • Specialized Truck Equipment Insurance
        • Technology Services Insurance
        • Tractor Insurance
        • Tow Trucks Insurance
        • Uber Insurance
        • Water Well Drillers Insurance
        • Veterinary Insurance
      • Coverage for Your BusinessImage of right arrow
        • Bonds
        • Business Owners Policy (BOP)
        • Commercial Auto Insurance
        • Commercial General Liability
        • Commercial Property Insurance
        • Commercial Real Estate Insurance
        • Commercial Umbrella Insurance
        • Crime Insurance
        • Errors and Omissions Insurance
        • Fidelity Bonds
        • Leave Management
        • Loss Control Insurance
        • Inland Marine Insurance
        • Marine Insurance
        • Mechanical Breakdown Insurance
        • Office Insurance
        • Product Liability Insurance
        • Professional Liability
        • Small Business Insurance
        • Small Business Liability Insurance
        • Storage Insurance
        • Surety Bonds
        • Technology Insurance
        • Trailer Insurance
        • Transportation Insurance
        • Trucking Insurance and Semi Truck Insurance
        • Workers Compensation
        • Van Insurance
      • Coverage for Your EmployeesImage of right arrow
        • Small Business Retirement Plans
        • Employer-Sponsored Retirement
        • Group Benefits
        • Individual Life Insurance
      • Farm InsuranceImage of right arrow
        • Crop Insurance
        • Farm Owners Insurance
        • Farm Livestock Insurance
        • Equine Insurance
        • Farm Equipment Insurance
        • Farm Dwelling Insurance
        • Farm Structures Insurance
        • Farm Auto Insurance
        • Farm Umbrella Insurance
        • Farm Liability Insurance
    • Personal ProductsImage of right arrow
      • Auto InsuranceImage of right arrow
        • Classic Car
        • Collision Coverage
        • Liability Coverage
        • Minor Violation Forgiveness
        • Medical Payments Coverage
        • Personal Injury Protection (PIP)
        • Rental Reimbursement
        • Uninsured & Underinsured Motorist
        • Vanishing Deductible
      • Home InsuranceImage of right arrow
        • Condo Insurance
        • Homeowners Liability
        • Landlords Insurance
        • Mortgage Protection
        • Property Insurance
        • Scheduled Property Insurance
      • Life InsuranceImage of right arrow
        • Individual Life
        • Group Life
        • Long Term Care
        • Second-To-Die Policy
      • Powersports VehicleImage of right arrow
        • ATV Insurance
        • Boat Insurance
        • Motorcycle Insurance
        • Motorhome Insurance
        • Snowmobile Insurance
      • Personal Umbrella & Identity Theft
    • Our Carriers
  • Products
    • Coverage for Specific IndustriesImage of right arrow
      • Accounting Firm Insurance
      • Insurance for Arborists
      • Bar Insurance
      • Box Truck Insurance
      • Builders Risk Insurance
      • Car Dealership Insurance
      • Cargo Insurance and Freight Insurance
      • Catering Insurance
      • Cleaning Business Insurance
      • Construction Insurance
      • Consulting Firm Insurance
      • Contractors Insurance
      • Specialty Trade Contractors Insurance
      • Craft Brewery Insurance
      • Dental Practice Insurance
      • Dump Truck Insurance
      • Educational Facility Insurance
      • Financial Institution Insurance
      • Food Truck Insurance
      • Fleet Insurance
      • Handyman Insurance
      • Garage Insurance
      • Healthcare Facility Insurance
      • Healthcare Practice Insurance
      • Law Firm Insurance
      • Life Science Insurance
      • Limousine Services Insurance
      • Liquor Liability Insurance
      • Livestock Insurance
      • Maintenance Contractors Insurance
      • Manufacturing Insurance
      • Marijuana Insurance
      • Maritime Employers Insurance
      • Media & Advertising Insurance
      • Non Profit Insurance
      • Orthotics & Prosthetics Insurance
      • Personal Trainer Insurance
      • Pharmacist Insurance
      • Pool & Spa Insurance
      • Printers & Publishers Insurance
      • Railroad Contractors Insurance
      • Real Estate Businesses Insurance
      • Restaurant Insurance
      • Retail Insurance
      • School Bus Contractors Insurance
      • Scrap Metal Insurance
      • Security Guards Insurance
      • Self-Storage Insurance
      • Septic Contractors Insurance
      • Snow Plow Insurance
      • Specialized Truck Equipment Insurance
      • Technology Services Insurance
      • Tractor Insurance
      • Tow Trucks Insurance
      • Uber Insurance
      • Water Well Drillers Insurance
      • Veterinary Insurance
    • Coverage for Your BusinessImage of right arrow
      • Bonds
      • Business Owners Policy (BOP)
      • Commercial Auto Insurance
      • Commercial General Liability
      • Commercial Property Insurance
      • Commercial Real Estate Insurance
      • Commercial Umbrella Insurance
      • Crime Insurance
      • Errors and Omissions Insurance
      • Fidelity Bonds
      • Leave Management
      • Loss Control Insurance
      • Inland Marine Insurance
      • Marine Insurance
      • Mechanical Breakdown Insurance
      • Office Insurance
      • Product Liability Insurance
      • Professional Liability
      • Small Business Insurance
      • Small Business Liability Insurance
      • Storage Insurance
      • Surety Bonds
      • Technology Insurance
      • Trailer Insurance
      • Transportation Insurance
      • Trucking Insurance and Semi Truck Insurance
      • Workers Compensation
      • Van Insurance
    • Coverage for Your EmployeesImage of right arrow
      • Small Business Retirement Plans
      • Employer-Sponsored Retirement
      • Group Benefits
      • Individual Life Insurance
    • Farm InsuranceImage of right arrow
      • Crop Insurance
      • Farm Owners Insurance
      • Farm Livestock Insurance
      • Equine Insurance
      • Farm Equipment Insurance
      • Farm Dwelling Insurance
      • Farm Structures Insurance
      • Farm Auto Insurance
      • Farm Umbrella Insurance
      • Farm Liability Insurance
    • Auto InsuranceImage of right arrow
      • Classic Car
      • Collision Coverage
      • Liability Coverage
      • Minor Violation Forgiveness
      • Medical Payments Coverage
      • Personal Injury Protection (PIP)
      • Rental Reimbursement
      • Uninsured & Underinsured Motorist
      • Vanishing Deductible
    • Home InsuranceImage of right arrow
      • Condo Insurance
      • Homeowners Liability
      • Landlords Insurance
      • Mortgage Protection
      • Property Insurance
      • Scheduled Property Insurance
    • Life InsuranceImage of right arrow
      • Individual Life
      • Group Life
      • Long Term Care
      • Second-To-Die Policy
    • Powersports VehicleImage of right arrow
      • ATV Insurance
      • Boat Insurance
      • Motorcycle Insurance
      • Motorhome Insurance
      • Snowmobile Insurance
    • Personal Umbrella Insurance
    • Disability Insurance
  • Get A Quote
  • Resources
    • Refer a friend
    • Important Links
    • Insurance Glossary
  • About Us
    • About
    • Our Location
    • Employee Directory
    • Testimonials
    • Privacy Policy
  • Contact
Home Icon Auto Icon Commercial Auto Icon Commercial General Liability Icon Business Owners Policy Icon Workers Compensation Icon
Home > Blog > What Is an Extended Reporting Period Endorsement
WEDNESDAY, MARCH 24, 2021

What Is an Extended Reporting Period Endorsement

a group of people sitting at a table

What happens if you maintain a business insurance policy for a set number of years, and then cancel it just before someone files a claim against you? In this situation, you may find yourself worried about having proper protection. There are options to help you. One is an extended reporting period endorsement. This type of add-on coverage can help those who need professional liability insurance. Here is what you need to know about this coverage option. 

How Does It Work? 

You may need professional liability insurance if your business provides consulting, advice, or other professional guidance to your customers or clients. Many companies need to have this type of extended liability insurance. It should be a component of your comprehensive business insurance protection. If you need this coverage, consider how it works when a claim occurs. 

Sometimes, a claim can occur immediately after providing advice. Other times, it may take weeks or months for your customer to file a claim. If you are no longer in the professional liability insurance policy you had at the time of the mistake, though, what happens? 

If you have an extended reporting period endorsement on your policy, the coverage continues to offer protection for a period of time after the policy ends. There are several types of coverage available here. 

A basic extended reporting period is very common. This is generally provided with most professional liability policies. It covers you for 30 to 60 days (depending on the details of the policy) from claims after your policy ends. You will see it referred to as ERP most often.  

A second form is supplemental extended reporting period. This type of coverage is ideal for those companies who have more extensive services and risks can go on for years. Most policies can apply from one to five years. Not all insurers offer this type of protection. 

When Should You Consider This Coverage? 

It’s important to consider having this type of business insurance if you plan to switch policies or you are closing down your business. In both cases, your liability may extend beyond the date you cancel your policy. If customers still have the right to file a claim against your business for any reason, you may wish to maintain this protection. 

Work with your business insurance agent on this. Determine if the coverage fits your needs. Discuss the risks to your company if you go without it as well.

Posted 6:25 PM

Tags: business insurance
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021

  • business insurance(11)
  • commercial property insurance(6)
  • home insurance(6)
  • commercial auto insurance(6)
  • auto insurance(6)
  • general liability(3)
  • general liability insurance(3)
  • car insurance(2)
  • homeowners insurance(1)
  • scheduled property insurance(1)
  • business tips(1)
  • workers compensation(1)
  • liability(1)
  • commercial auto(1)
  • property insurance(1)

View Mobile Version
Facebook
LinkedIn
Get Directions
Contact Us Today
Message Us
Resources
Products
Customer Service
Payment Options
Report a Claim
News
About Us
Refer A Friend
Our Carriers
Blog
Contact Us
Contact us 450 Armistice Boulevard
Pawtucket, RI 02861

Phone: 401-722-4271
Fax: 401-724-6989
Top Local Car Insurance Agency in Pawtucket
© Copyright. All rights reserved. Powered by Insurance Website Builder.