Liability In Insurance

Professional liability insurance is a rather highly specialized type of liability insurance that is aimed specifically at those needs a more specialized type of liability insurance that is not covered under general liability types of insurance. Professional liability insurance is aimed specifically at professional persons practicing in various fields that cannot be covered under any other type of liability insurance for a number of reasons.

Professional liability insurance users include doctors and lawyers, certain building contractors, accountants as well as other professional services such as software developers and suppliers to the business sector. There are many other names that describe professional liability insurance and it seems that it largely depends on the type of profession that one is in.

Doctors and surgeons use what is known as malpractice insurance while other professions such as accountants, auditors and software developers and suppliers would benefit from coverage generally known as errors and omissions insurance or E&O liability insurance. This protects them against legal claims alleging that they caused an error or that any potential omissions caused losses for that particular business that is suing them.
Getting Professional Liability Insurance

It is very important that all professional persons and practitioners consider getting some form of professional liability insurance, whether it takes the form of errors and omissions or E&O liability insurance or professional indemnity insurance, it all is an absolute necessity as far as being adequately covered against eventualities that other forms of personal or business insurance cannot or is not designed to cover.

Professional liability insurance is especially important for doctors, dentists, lawyers, accountants, auditors, contractors and many other professional persons who fall under consultancy brackets within the larger business and commercial sectors.  

There are a great number of instances where a professional person can fall victim to a potentially devastating law suit based on the claim by the client that certain aspects of the job or consultancy led to problems and a loss of business to that client. Professional liability insurance deals with these aspects while other forms of insurance deal more with personal injury and property damage.

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