Professional liability or Errors & Omissions (E&O) is a liability coverage for professions requiring specific and technical expertise against failure to perform causing another's financial loss or bodily injury.
Most professionals are required to purchase the coverage due to state statutes. Some of the professionals required to carry E&O coverage are (but not limited to):
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Lawyers
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Insurance Agents (both Property & Casualty and Life & Health)
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Architects
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Doctors (more commonly known as Medical Malpractice)
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Contractors (if engaged in drawing up plans)
- Financial Advisors
