Errors and Omissions (E&O) Insurance and Professional Liability Insurance are identical. They are terms often used interchangeably to refer to the same type of insurance coverage, designed to protect professionals and businesses against potential lawsuits from clients who believe they've suffered harm due to professional advice or services. The coverage provided by an E&O policy often includes:
Legal fees
Administrative costs
Court costs related to liability lawsuits
The cost of damages or settlements