An Errors & Omissions Liability policy, also known as Professional Liability Insurance or E&O insurance, protects an individual or a corporation from allegations of financial loss due to negligent professional services rendered for a fee. Virtually all business transactions have an element of professional services but the most obvious professional liability exposures exist in the following professions:
- Medical Professionals
- Legal Professionals
- Architects and Engineers
- Insurance Brokers
- Accountants or Auditors
- Real Estate Agents or Brokers
These professionals are typically guided by a Standard of Care doctrine. However, there are many other professions such as business consultants who should also carry this insurance. The easiest guideline to consider is whether you are providing professional services. If so, you or your company may be at risk. If you are unsure if you or your company requires this coverage, connect with an FCA advisor today for a conversation.