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.
Professional liability insurance may take on different forms and names depending on the profession. Errors and omissions (E&O) insurance is used by insurance agents, consultants, brokers and lawyers. Other professions that commonly purchase professional liability insurance include accounting, engineering and financial services, construction and maintenance, etc. Some charities and other nonprofits/NGOs are also professional-liability insured.
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