Also known as "errors and omissions" or "malpractice" insurance, professional liability insurance is designed to protect professionals (architect, engineers, physicians, dentists, optometrists, realtors, etc.) against liability due to an error or omission by the professional that results in economic loss by a third party. Professional liability policies address business liability risks that are not covered by their commercial general liability (CGL) policies.

Professional Liability policies pay other parties for damages that you are legally liable to pay as a result of negligent acts, errors or omissions in the performance of your professional service. Those damages can include property damage, bodily injury, economic loss and legal expenses. The insurance company has an obligation to defend you against such claims, even if the allegations ultimately are determined to be false or groundless.

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