Professional Liability Insurance

Professionals such as accountants, attorneys, consultants, architects and real estate agents should carry professional liability if they are self-employed. This coverage, often referred to as E&O or Errors and Omissions, offers liability insurance for professionals as they perform the tasks related to their profession. If a claim or suit is brought against him or her as a result of an error or omission, a professional liability policy will handle the claim or defend the policyholder in the event of a lawsuit. The cost of a professional liability policy will vary based upon the profession, contracts held, scope of work, number of employees, and annual gross revenue.