Professional Liability insurance is also referred to as Errors and Omissions (E&O Insurance) or Medical Malpractice Insurance. This insurance provides coverage in the event that a business is held legally liable for damages which are cause by your improper advice or negligence. Malpractice insurance is very important in the medical field. Regardless of whether you were at fault, a lawsuit can turn into thousands of dollars for your business. E&O insurance will cover you for judgements, settlements, and defense costs.
If you work in a high risk profession such as a lawyer, engineer, doctor, accountant, or architect, it would be advisable to seek E&O insurance. Even if you are not among the listed professions, if you provide a service to your client, chances are there will be E&O risk. If you are unsure as to whether you need E&O insurance, give us a call or contact us through our website form so we can consult with you today.
InsuranceTrak is here to help you with ALL types of business insurances! Other important business insurances to consider are as follows:
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