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3,001,727
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

The label that is used for the policy by real estate, tech, and accounting professionals is the only difference between Error and Omissions and Professional Liability Insurance. ... Malpractice Insurance is used to describe the policy covering professionals in the medical and legal industries, like doctors and lawyers. 

Source: Next Insurance

May 08, 2021 08:38 AM
Rainer
133,283
Ken Jones, ASA | Broker & Appraiser
Kenneth J. Jones, Inc./Global Valuations - Newark, NJ
Commercial Real Estate Broker & Appraiser

Fred Griffin Tallahassee Real Estate A rose by any other name ...

Malpractice insurance is professional liability insurance. The only difference is the name.

May 08, 2021 03:38 AM
Rainmaker
868,474
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

The insurance we are discussing is for different activities in different professions. What they are called is not the differentiator. What is covered is different but the names can be interchangeable.

I have heard of and  seen agent activities that I deemed to be professional malpractice.

May 08, 2021 07:56 AM
Rainmaker
584,625
Ernie Steele
Berkshire Hathaway HomeServices Homesale Realty - Lebanon, PA
Call me, let's get started!!! 717-273-3774

I have an E&O policy but I also purchased a $1,000,000.00 Personal Liability Umbrella Policy when I got into the business.

May 08, 2021 05:22 AM
Rainmaker
4,021,611
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

If it looks loke a duck, has feathers like a duck and quacks like a duck, it moght be a duck. They are bsically the same. Want additional coverage. add an additional liability coverage policy.

May 08, 2021 04:36 AM
Rainer
308,092
J.R. Schloemer, CRS
Kentucky Select Properties - Louisville, KY

Hearing my wife, who is a nurse practitioner, speak of malpractice insurance, I'd say the only difference is the cost. My E&O with increased limits and appraiser license riders included was $444.  Her speaking about her malpractice in the hospital, and the Botox certification she is looking into doing are $10,000 & $1,000, respectively.

May 08, 2021 04:22 AM
Rainmaker
826,262
Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

I have not heard of term "malpractice insurance" used for real estate or insurance professionals, but if I did, I would assume that the individual really meant E&O insurance and not the terminology used most commonly in the medical and legal fields.

The "similar" terminology appears to be industry specific.

I'm guessing that malpractice insurance covers more than just E&O in the medical and legal professions (o.k., I'm positive it does!), hence perhaps the difference.

Semantics, semantics!

May 07, 2021 10:02 PM
Rainer
253,844
Don Baker
Lane Realty - Eatonton, GA
Lake Sinclair Specialist

the name

May 08, 2021 11:20 AM
Rainmaker
2,610,891
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Living in a country that settles everything via lawsuits makes insurance $$$

May 08, 2021 09:49 AM