What type of insurance is Errors and Omissions Insurance classified as?

Errors and Omissions Insurance is classified as malpractice insurance because it provides protection to professionals, such as real estate agents, lawyers, and other service providers, against claims of negligence or inadequate work that lead to financial losses for clients. This type of insurance addresses the potential liability that arises from mistakes or oversights in the professional's services.

While it is true that Errors and Omissions Insurance shares some characteristics with liability insurance, specifically it covers the risk of legal liability due to errors or omissions in the professional service provided, the more precise classification as malpractice insurance emphasizes the context of professional services and the unique aspects of liability that arise in these fields.

Health insurance and property insurance do not pertain to the coverage provided by Errors and Omissions Insurance, as they deal with medical expenses and physical property claims, respectively. Therefore, recognizing Errors and Omissions Insurance as a type of malpractice insurance accurately reflects its purpose and the specific risks it is designed to cover in the realm of professional service provision.