Professional liability insurance, also known as errors & omissions insurance, is a type of insurance that protects professionals such as doctors, lawyers, accountants, and consultants from financial losses arising from claims of negligence or failure to perform their professional duties. This type of insurance can provide coverage for legal defense costs, settlements or judgments, and any other related expenses. It is important for professionals to have this insurance in place as it can help protect their personal assets and reputation in the event of a claim or lawsuit. Additionally, many professional organizations or clients may require proof of this insurance as a condition of doing business.