What is professional liability insurance? A. error and omissions insurance that protects against lawsuits B. short term insurance that protects professional in between jobs C. medical insurance that pays medical bills for on the job injuries D. life insurance provided by employers for professionals only

Answer: Error and Omissions insurance that protects against lawsuits

Error and omissions insurance is formally known as professional liability insurance.

The need for this policy arises because general insurance policies only cover physical damages. General insurance policies do not cover loss incurred on account of negligence malpractice or misrepresentation of facts by professionals like lawyers, accountants, doctors and other professionals.

Coverage under this policy covers only those legal liabilities specifically listed in the contract. It does not cover criminal prosecution, nor does it cover breach and unlawful use of data or technological issues.

The claims made under this policy usually hold good only for those made under the policy period.

What is professional liability insurance?

A.

error and omissions insurance that protects against lawsuits

B.

short term insurance that protects professional in between jobs

C.

medical insurance that pays medical bills for on the job injuries

D.

life insurance provided by employers for professionals only

Explanation:

#platofam