Property Insurance

Definition of Property Insurance as it relates to Business, Financial Management, Insurance Services

Professional Liability Insurance is a type of coverage that protects businesses and individuals against claims of negligence, errors, and omissions in the performance of professional services. It is also known as Errors and Omissions (E&O) insurance. This insurance is designed to cover financial losses that result from lawsuits filed against professionals such as accountants, lawyers, consultants, and financial advisors, among others. The policy typically covers legal fees, settlements, and judgments awarded to the plaintiff in the event of a successful lawsuit. It provides peace of mind to professionals by ensuring they are financially protected if they are sued for mistakes made while providing their services.

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