Professional Liability Insurance
What Does Professional Liability Insurance Mean?
Professional liability insurance protects business professionals, such as doctors, lawyers, and accountants, from claims of negligence and other related issues that clients may file. This type of insurance is essential for professionals with expertise in a specific field, as general liability insurance does not cover negligence, misrepresentation, malpractice, or other business errors or omissions that may occur.
Insuranceopedia Explains Professional Liability Insurance
Even the most experienced business professionals can make mistakes, and even if no error occurs, a client may still file a lawsuit. For this reason, professional liability insurance is crucial, as lawsuits can be costly and potentially bankrupt a business. Depending on the industry, this insurance is often offered under different names, such as medical malpractice for doctors and errors & omissions for real estate agents. Professional liability insurance is just one of many types of commercial insurance that can be highly beneficial to business professionals. After all, everyone makes mistakes.
