Professional liability insurance, also known as errors and omissions (E&O) insurance, is crucial insurance coverage for individuals or businesses that provide professional services to their clients.
Unlike general liability insurance, which is more of a catch-all for bodily injuries and property damage, professional liability insurance is tailored for the intricate world of professionals
It helps shield your business from the potential liabilities that come with providing professional services. This includes protecting your business from lawsuits of others resulting from the negligent performance of your services.
Attorneys: Lawyers and legal firms require professional liability insurance to protect against claims of negligence or inadequate services which could lead to financial loss or legal repercussions for their clients.
Accountants and Financial Advisors: These professionals need this insurance because errors in financial reporting or investment advice can lead to significant financial losses for their clients.
Architects and Engineers: These professionals are involved in designing buildings and infrastructures. Any structural flaws or design errors can result in substantial financial and physical damages, making professional liability insurance crucial.
Consultants: Management, IT, or business consultants can face claims if their advice does not lead to the expected results or causes a financial loss.
Real Estate Agents & Brokers: They require professional liability insurance to protect against errors, omissions, or misstatements made during real estate transactions.
Others: Other professional services, including Advertising & Media, Technology Providers & Software Developers, Education Professionals, and Beauty & Wellness Professionals
