What is the purpose of professional liability insurance?

Professional liability insurance, also known as Errors and Omissions (E&O) insurance, provides financial protection for professionals in Florida who are sued for errors or omissions related to their work. It is often required by clients or customers for professional services to be provided. The purpose of professional liability insurance is to prevent financial loss when a business or individual is faced with a lawsuit for negligence or professional misconduct. By having this type of insurance coverage, the business or individual can rest assured that their financial interests are being safeguarded in the event of a claim. This may include claims alleging wrongful acts, failure to perform professional services, negligence, or breach of contract. Furthermore, professional liability insurance is important for those who work in the health care industry in Florida. This type of insurance can provide coverage for medical malpractice or other medical negligence, and it may also cover non-medical professional services, such as those provided by architects, engineers, and lawyers. In short, the purpose of professional liability insurance is to provide financial protection from claims of errors or omissions related to professional services. This is to help protect businesses from potentially costly lawsuits, and to provide individuals with peace of mind.

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What is the purpose of professional liability insurance?

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