Professional Liability Insurance
Professional liability insurance is known by three different names: Malpractice, Professional Liability and Errors & Omissions. While there are three different names the insurance is the same coverage. In the insurance industry, we like to separate E&O by industry to tailor the insurance for that industry.
All Professional Liability Insurance is designed to protect a company or independent contractor against covered claims arising from real or alleged errors or omissions, including negligence, in the course of their professional duties. Any professional providing a service can be held liable for an error, omission or mistake. Legal defense costs are significant. It is not uncommon to spend thousands of dollars on defense costs for a matter that ultimately gets dismissed.
Medical malpractice insurance covers doctors and other professionals in the medical field for liability claims arising from their treatment of patients.