Professional Liability Insurance
What is Professional Liability Insurance?
Professional liability insurance, also known as errors and omissions insurance, is a type of insurance that protects professionals against claims made by clients for errors or omissions in their professional services. These types of insurance policies are designed to cover professionals such as lawyers, doctors, architects, and engineers, among others, for mistakes or failures to perform their professional duties.
Professional liability insurance covers the cost of legal defense and any damages or settlements that may be awarded in a lawsuit. It helps to protect professionals from the financial burden of defending against a claim and from the negative impact that a lawsuit can have on their reputation.
Professional liability insurance is an important form of protection for professionals, as it helps to safeguard their financial interests and reputation in the event of a claim. It is important for professionals to carefully consider their insurance needs and to choose a policy that provides adequate coverage for their specific type of profession.