Anyone who holds themselves out as having a special body of knowledge, skill, or expertise and are paid for their work, service or advice, are professionals. A professional liability or also known as Errors and Omissions Insurance. This policy covers liability arising out of negligent acts, errors and omissions in the rendering, or failing to render, of professional services. Such failure could have harmful consequences not only your company’s financial stability but your personal assets as well. Keep in mind that your general liability policy does not provide this protection, so it is important to understand the difference.
Professional liability insurance is applicable for any professional firm including lawyers, accountants, consultants, notaries, real estate agents, insurance agents and technology providers to name a few.