Professional Liability insurance, also known as Errors and Omissions (E&O) insurance or Malpractice insurance in certain professions, is a type of insurance coverage designed to protect professionals and businesses from claims related to professional mistakes, errors, or negligence. This insurance is particularly important for individuals or companies that provide professional services or advice. Here are key features and aspects associated with Professional Liability insurance:

• Coverage for Professional Mistakes
• Legal Defense Costs
• Negligence and Misrepresentation
• Tail Coverage (Extended Reporting Period)

Industry Regulations

Certain industries or professions may have specific regulatory requirements for Professional Liability insurance. Professionals should be aware of and comply with any such regulations.

Tailored Coverage

Professional Liability insurance can be tailored to specific professions and risks. Policies may include specialized endorsements or additional coverages to address industry-specific exposures.

Prior Acts Coverage

Some policies may offer “prior acts coverage,” which extends coverage to claims arising from professional services performed before the policy’s effective date.
Professional Liability insurance is a critical component of risk management for professionals who provide specialized services. It helps protect against the financial consequences of claims that can arise from errors, omissions, or negligence in the course of conducting professional activities.