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Professional liability insurance protects professionals such as attorneys, accountants and consultants. Most professional liability policies only cover economic or financial losses that third parties suffer. Generally, these policies do not cover bodily injury and property damage claims, although there are some exceptions (for example, physicians, engineers and architects). The most common professional liability insurance is errors and omissions insurance (E&O).
A professional liability policy is structured based on the coverage trigger. This can either be occurrence or claims made. Here are the differences between Occurrence and Claims Made policies that you should know about.