Professionals that operate their own businesses need professional liability
insurance in addition to an in-home business or business owners policy.
This protects them against financial losses from lawsuits filed against
them by their clients.
Professionals are expected to have extensive technical knowledge or training
in their particular area of expertise. They are also expected to perform
the services for which they were hired, according to the standards of conduct
in their profession. If they fail to use the degree of skill expected of
them, they can be held responsible in a court of law for any harm they
cause to another person or business. When liability is limited to acts
of negligence, professional liability insurance may be called "errors
and omissions" liability.
Professional liability insurance is a specialty coverage. Professional
liability coverage is not provided under homeowners endorsements, in-home
business policies or business owners policies.
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