Who Needs Professional Liability Insurance?
You should think about getting this coverage if your business provides contractual service, professional service, and regular professional advice to clients. Some of the most common professionals who have coverage are:- Real estate brokers
- Financial consultants
- Accountants and bookkeepers
- Advertising and marketing professionals
- Architects, designers, and engineers
- IT programmers and professionals
What Does Professional Liability Insurance Cover?
This insurance policy helps cover claims of alleged negligence that happens from providing professional services. You’ll be covered for the following if you have professional liability insurance.- Cover legal expenses up to your plan limits
- Compensation if you’re required to pay injured parties.
- Claims for slander or libel, whether it’s true or not.
- Copyright law issues, misunderstandings, oversights, and mistakes
What Isn’t Covered?
This policy doesn’t cover all your companies mistakes. Professional Liability Insurance won’t cover the following types of losses:- Property damage
- Intentional acts
- False advertising
- Claims related to employment
- Infringement on patents
- Theft of trade secrets
- Claims made outside your coverage period