Professional liability insurance also known as Errors & Omissions (E&O) helps businesses to protect themselves against claims of negligence. Professionals such as accountants and doctors may use this insurance in order to protect themselves against any client claims of malpractice or negligence.
Professional liability insurance has different names depending upon the profession. For the medical profession, it is popularly called medical malpractice insurance, for real estate agents it is called errors & omissions insurance.
Professional liability coverage does not include criminal prosecution, cyber liability, technology issues, a data breach may also not be included in the coverage, and claims against intentional malpractices are again not included in the policy.
What is Professional Liability Insurance?
Professional liability insurance (PLI) or professional indemnity insurance (PII) commonly known in the US as errors & omissions (E&O), is a type of liability insurance that helps protect professionals, providing individuals and the companies from bearing the complete cost of any claim made by a client for negligence, it also covers damages awarded in such a lawsuit.
What does professional liability insurance cover?
Professional liability insurance is for covering claims of alleged or actual negligence that comes from professional services, for example, giving wrong advice, an omission, or in case of inability to deliver a service. This policy will help cover damages and defense costs.
Let EZ Online Services help you choose a policy that will fit your needs. Protecting all your assets, whether business, personal or both, is our primary goal. An insurance policy chosen by an expert can lessen the impact of some of life’s most common, yet unforeseen accidents.
