Who needs professional liability or errors and omissions insurance?
Professional liability insurance and errors and omissions insurance are basically two sides of the same coin. Professional liability insurance has long been recognized with the public as for those professionals who are held to the highest standards of care, such as doctors, lawyers, architects and engineers. E&O is reserved for those who have similar requirements in terms of care, but society has not yet recognized them as having the same professional requirement for that standard. Some examples are appraisers, brokers, real estate agents, marketing researchers and exterminators. Those professions still have a professional standard with which they must comply, but society hasn’t held them to the same standard as the other professions. So E&O is used in one instance and professional liability in the other. What are the differences in coverage between professional liability and E&O insurance? Professional liability is likely to include covenants that will apply to the professional standa
