Professional liability insurance is a type of insurance coverage that protects professionals, such as doctors, lawyers, accountants, and other service providers, from legal liability for claims made against them by clients or other parties. This insurance covers damages or losses that may arise as a result of errors, omissions, or negligence by the professional while rendering their services. It helps protect professionals financially by covering legal fees, settlements, and judgments awarded against them.
Professional liability insurance is also known as errors and omissions insurance,, and is typically customized to meet the specific needs of each profession and the risks associated with it. It is an important type of insurance for anyone providing professional services, as it provides peace of mind knowing that in the event of a claim, they are protected.
Professional liability insurance is typically necessary for professions or businesses that provide services or advice to clients. Examples of professions that may require professional liability insurance include doctors, lawyers, accountants, financial advisors, and consultants. This type of insurance is designed to protect the business or individual from claims of negligence or errors and omissions in their professional services. Without this coverage, the financial consequences of a lawsuit could be devastating.
While it may not be required by law, it is highly recommended that professionals in certain fields obtain professional liability insurance to protect themselves and their business. It’s important to note that the specific coverage needs will vary based on the profession or industry, so it’s best to consult an insurance professional to determine the appropriate coverage levels.
Professional liability insurance, also known as errors and omissions insurance, covers businesses and individuals from claims related to professional services they provide. This can include errors, negligence, omissions, or other mistakes in delivering services. Professional liability insurance provides protection for lawsuits and legal fees that result from these claims.
On the other hand, general liability insurance offers broader protection for a business. It covers bodily injury, property damage, advertising injury, and other types of claims that can arise from a company’s operations. This can include slip-and-fall accidents, property damage, and similar liability claims. General liability insurance doesn’t typically cover claims related to professional services or advice.
Give the team at Kocman Insurance Group a call at 717-854-0300 and we will be glad to answer any of your questions or concerns.