Professional liability (also called errors and omissions) insurance covers both professionals with advanced academic degrees and persons with special knowledge in a specific area. While "professional" is the term generally used to describe people whose occupation demands extensive academic training like lawyers and accountants, professional also applies to business trades that don't require a degree but do demand highly specialized skills. Graphic and website designers are examples of the latter.
Many Florida professionals are obliged to carry professional liability coverage. The wide range includes accountants, attorneys, architects and engineers, insurance agents, real estate brokers and agents, termite inspectors, escrow agents, stockbrokers, graphic designers, IT contractors, business consultants, nurses, beauticians, dentists, ambulance services, pharmacists, and veterinarians.
Doctors and other medical professionals usually need a specific medical Malpractice Liability policy.
In order to be protected against the potential financial losses from lawsuits filed by a customer, all Florida professionals who run their own businesses should carry a Florida professional liability insurance policy. Errors and omissions insurance offers protection from claims if your client holds you liable for errors or the failure to provide services as stated under a contract.
There are different professional liability insurance policy forms that meet the unique demands of specific professionals. However, it is important to note that professional liability coverage normally excludes any protection for intentional or dishonest acts of the policyholder.