Professional liability insurance, also known as professional indemnity insurance protects you in the event that a client sues you for damages resulting from your advice or professional services. What happens when a divorce lawyer drafts an inadequate marriage contract that ends up costing their client millions of dollars in a hefty settlement? Or, when a corporate accountant’s incorrect math results in their client owing millions of dollars to the government? Professional liability insurance will cover legal costs, settlement payouts, and other expenses arising from a potential lawsuit.
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As humans, mistakes are always possible. However; when you are a professional being trusted by the people around you, a mistake that you make in your job has the potential to cause injury or financial loss to a customer resulting in legal action.
These would be the main coverages for a professional business; however, there are more coverages available depending on the needs and operations of your business (e.g. cyber coverage, contents/property coverage, commercial vehicle coverage, etc.)
Professional Liability Insurance protects you against legal expenses that arise from the professional service or advice that you provide. For example, if a client sues you for negligence due to advice you provided to them, this coverage can cover the defence expenses.
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