Professional liability insures a person and/or an entity (corporation, LLC, LLP, partnership, etc.) against claims made by third parties (clients, patients, customers, etc.), alleging negligence in the rendering of, or the failure to render, professional services. Negligence can be defined as the failure to provide the degree of knowledge, care or skill of the average professional peer, in good standing, under similar circumstances. Essentially, anyone or any firm that holds themselves out as experts in a particular field can be held responsible for their work; their advice; their counsel. Professional liability is also referred to as "errors & omissions" ("E&O") or "malpractice"