Professional Liability Insurance, commonly referred to as Errors and Omissions Insurance (E&O), is a crucial insurance coverage that shields professionals against claims of negligence, errors, or omissions in the course of their professional services.
This type of insurance is essential for both individuals and businesses that offer professional services, including but not limited to, medical practitioners, legal advisors, accountants, and consultants.Professional liability insurance can cover the expenses of legal defense and compensatory payments or verdicts if the professional is found culpable for the complainant's losses.
It is worth noting that the provisions of Professional Liability Insurance may vary depending on the type of profession and the nature of the services provided.For example, medical malpractice insurance is a type of professional liability insurance that provides coverage to healthcare professionals against claims of medical negligence.
Professional Liability Insurance is best for :
A great example of Professional Liability Insurance is Medical Malpractice Insurance
Medical Malpractice Insurance is a type of insurance that helps protect medical professionals from errors or omissions that may occur while providing healthcare services. This insurance can provide protection for your practice, reputation, and financial assets in the event of a lawsuit related to malpractice.
Standard Conditions:
The policy may include the following coverage
The premium rates for professional liability insurance are mainly determined by the following factors:
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