Professional liability vs. errors and omissions: A side-by-side comparison
Insurance jargon can be difficult to follow when a policy is called by multiple names.
One example is professional liability, also known as errors and omissions, or malpractice insurance. The coverage is the same, but the name may depend on the type of business that the coverage is for.
For architects and consultants, this policy is called professional liability. In the real estate and IT sectors, it’s errors and omissions. And, for medical and legal professions, it’s known as malpractice insurance.
Like most insurance policies, the cost may vary depending on several factors, such as location and industry.
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Regardless of insurance jargon, professional liability insurance and errors and omissions insurance both protect your business from lawsuits related to professional negligence.
The only difference between the policy terms is the industries in which they are used. For example:
- Consultants, architects, and accountants use the term professional liability insurance.
- Real estate agents, tech companies, and insurance professionals use the term E&O insurance.
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