Malpractice insurance is designed to protect professionals from financial liability in the event that they are found to have engaged in negligent behavior that results in harm to a client or patient. Synonyms for malpractice insurance include errors and omissions insurance, professional liability insurance, and indemnity insurance. These types of policies are commonly purchased by doctors, lawyers, accountants, and other types of professionals who provide services to others and may be held accountable for mistakes or oversights. By obtaining malpractice insurance, providers are able to protect their financial assets and the reputation of their practice, thereby ensuring that they can continue to serve their clients and patients without fear of crippling litigation or financial ruin.