Professional liability insurance, also known as errors and omissions (E&O) insurance, is a type of insurance policy designed to protect professionals from claims of negligence, errors, or omissions related to their professional services. This type of insurance policy provides coverage for a range of risks that may arise from providing professional services, including legal fees, judgments, and settlements.

Professional liability insurance policies can provide coverage for a variety of types of professionals, including lawyers, doctors, architects, engineers, and consultants. The policy may cover claims of malpractice, negligence, or errors and omissions that result in financial harm to a client or third party.

The cost of professional liability insurance can vary depending on a variety of factors, such as the type of professional service being provided, the level of risk associated with the services, and the amount of coverage needed. Professionals should work with an insurance agent to determine the appropriate coverage and obtain a policy that meets their specific needs.

To minimize the risk of claims of negligence, errors, or omissions, professionals should take steps to ensure that they provide high-quality services and maintain accurate records. This may include conducting thorough research and due diligence, implementing quality control procedures, and maintaining detailed client records.

Overall, professional liability insurance is an important component of any professional service provider's risk management strategy. By obtaining coverage and taking necessary precautions, professionals can protect their reputation and minimize the financial impact of any potential claims that may arise.