Professional Liability Insurance
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Professional Liability Insurance
Errors and Omissions Insurance (E&0), also known as Professional liability insurance, is a type of liability coverage that protects professionals providing advice or service as part of their industry.
Errors and Omissions provides coverage for defense and damages awarded in a civil lawsuit caused by an error or omission from a product sold or service provided, alleged failure to perform on behalf of the claimant and any resulting financial loss caused by the error.
A standard general liability policy issued to a business would not provide coverage for this type of claim. Errors and Omissions does not cover for criminal prosecution.
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Why is Professional Liability Insurance Important?
Professional liability insurance, is a type of liability coverage that protects professionals providing advice or service as part of their industry.
Errors and Omissions provides coverage for defense and damages awarded in a civil lawsuit caused by an error or omission from a product sold or service provided, alleged failure to perform on behalf of the claimant and any resulting financial loss caused by the error.
A standard general liability policy issued to a business would not provide coverage for this type of claim.
Errors and Omissions does not cover for criminal prosecution.
How Much Coverage is Needed for Professional Liability?
The standard coverage under an E&O policy is for $1,000,000. However lower limits are available for the amount of $500,000 but this is not recommended.