Professional Liability Insurance: The Backbone for Professionals and Businesses
Professional liability insurance is a policy designed to protect professionals and businesses against financial losses arising from negligence, errors, or mistakes in the delivery of services. The aim of the policy is to safeguard the financial stability and reputation of professionals and businesses. The liabilities covered under professional liability insurance include undelivered services; copyright violation; missed deadlines; negligence or failure to meet standards; breach of contract; defense costs, and errors, inaccuracies, and oversights in services provided. On the contrary, business property damage, employee injuries, vehicle business use, customer injuries or damages, and discrimination lawsuits are the liabilities that are not covered in this insurance. Professionals that use this insurance include architects, accountants, doctors, information technology specialists, and consultants who offer expert advice or specialized services to clients. According to Insure...