Professionals, such as doctors, lawyers, accountants, and certain other professions that operate their own businesses, need professional liability insurance in addition to an in-home business or businessowner's policy to protect them against financial losses from lawsuits filed against them by their clients. Professional liability insurance is a specialty coverage. Professional liability coverage is not provided under homeowners endorsements, in-home business policies or businessowners policies (BOPs). When liability is limited to acts of negligence, professional liability insurance may be called "errors and omissions" liability.
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Q: I'm a "one man band" and I work from my home and personal auto. Won't my home and auto insurance cover me?
Only up to a point. Your home and auto insurance will cover any third party physical loss you may cause, but not intellectual damages. Should you make a mistake filling out a form that causes financial loss, that loss is covered by professional liability coverage, also known as "errors and omissions" insurance.