Professional liability insurance, also known as errors and omissions insurance, is a type of insurance coverage that protects professionals who offer services to their clients or customers. This type of coverage provides protection against claims made by clients or customers for alleged negligence, errors, or omissions in the professional’s services.
The types of services that typically require professional liability insurance include those offered by doctors, lawyers, accountants, real estate agents, architects, engineers, and other professionals. Professional liability insurance covers a wide range of services, including medical malpractice, legal malpractice, and other claims related to professional errors or negligence.
Professional liability insurance is important for any professional who offers services to customers or clients, as it provides a financial safety net in the event that a customer or client makes a claim against the professional. Professional liability insurance is also important for businesses that employ professionals, as it can help protect the business from financial losses related to professional errors or negligence.
Professional liability insurance is an important part of any professional’s risk management strategy, and can help ensure that a professional is protected from costly claims or lawsuits. With the right coverage, a professional can rest assured that their business and their livelihood is protected in the event of a claim or lawsuit.