Professional Liability Insurance
Professionals that operate a business need professional liability insurance or “errors and omissions” insurance. This protects them against financial losses from lawsuits filed against them and their employees by their clients.
Professionals are expected to have extensive technical knowledge and training in their particular area of expertise. They are also expected to perform the services for which they were hired, according to the standards of conduct in their profession. If they fail to use the degree of skill expected of them or fail to perform the services, they can be held responsible in a court of law for any harm they cause to another person or business.