What is Professional Liability Insurance?

ANSWER:

Professional Liability Insurance is insurance that offers protection from claims that arise from negligence, errors and omissions, or malpractice from professional services or products offered to clients. The insurance helps covers the defense cost in the event a client decides to make a negligence claim against the professional or company.

Depending on the profession, such as with medical or legal professions, professional liability is also known as malpractice insurance or errors and omissions (E&O) insurance. Professions such as accounting, construction, financial services, transportation, and even some charities and non profits will usually purchase professional liability insurance to protect them and their company.

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