Professional Liability Insurance
This coverage, also known as Errors and Omissions Insurance, is used to protect the traditional professional and quasi-professionals against legal liability resulting from a negligent act, error or omission in their performance of professional services. Most professional liability policies cover the economic losses suffered by others as opposed to bodily injury or property damage which is covered by the Commercial General Liability policy. The vast majority of professional liability policies are written on a claims-made basis. In many cases written contracts require individuals or companies to carry specific limits of professional liability insurance.
Here is a list of some professions or businesses that have an exposure to professional liability: