Professional Liability (Errors & Omissions)
Professional Liability or Errors and Omissions (E&O) coverage is a type of insurance that provides protection to individuals and businesses from claims of negligence or errors in the professional services they provide. This coverage is important for professionals who provide advice, consultation, or services to clients, as it helps protect them from financial losses resulting from lawsuits and claims for damages.
Professional Liability or E&O coverage can protect against a wide range of claims, including:
- Negligence claims: Claims that arise from the failure to provide a professional service to the expected standard of care.
- Errors and omissions claims: Claims that arise from mistakes or errors in the professional services provided.
- Breach of contract claims: Claims that arise from a breach of a contract or agreement with a client.
- Misrepresentation claims: Claims that arise from false or misleading information provided to a client.
- Copyright infringement claims: Claims that arise from the unauthorized use of intellectual property.
Professional Liability or E&O coverage is important for professionals such as lawyers, accountants, architects, engineers, and consultants, as well as for businesses that provide professional services. Without this coverage, a professional or business could be held liable for significant financial losses resulting from lawsuits and claims for damages.