Professional Liability Insurance, also known as Errors and Omissions (E&O) Insurance, protects your business against claims of negligence, misrepresentation, or inadequate work. It covers legal costs and damages if your professional services or advice result in a client's financial loss.
Professional Liability Insurance typically includes the following coverages:
Businesses that provide professional services or advice, such as consultants, lawyers, accountants, and architects, should consider having Professional Liability Insurance to protect against claims of negligence or errors.
No, Professional Liability Insurance does not cover intentional acts or criminal behavior. It only covers negligence or unintentional errors.
It is not required by law in most cases, but many clients may require you to carry it as part of a contract agreement.
Yes, many insurance providers offer bundled packages that include Professional Liability Insurance along with other business coverages like General Liability Insurance.