Professional Liability
Professional liability insurance is insurance that protects professionals such as accountants, lawyers, and physicians against negligence and other claims initiated by their clients. Professionals who have expertise in a specific area require this type of insurance because general liability insurance policies do not offer protection against claims arising out of business or professional practices such as negligence, malpractice, or misrepresentation.
Even if you didn’t do anything wrong, your client can still sue your business if they believe you made a mistake.
It’s important to remember that professional liability insurance doesn’t cover everything. For example, it won’t help your business with these kinds of claims:
- Bodily injury or property damage.
- Work-related injuries or illnesses.
- Data breach.
Many types of businesses need professional liability insurance. You’ll want to get a professional liability insurance policy if you:
- Have to sign a contract that requires you to carry coverage
- Offer professional services directly to customers
- Regularly give advice to your clients
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