Professional Liability Insurance: What Is It?
Professional liability insurance (PLI) covers professionals such as accountants, lawyers, and physicians from claims brought by their clients for negligence or other reasons.
Because general liability insurance policies do not cover claims stemming from commercial or professional practices such as carelessness, malpractice, or misrepresentation, this type of insurance is required for professionals with specialized knowledge.
TAKEAWAYS IMPORTANT
Businesses get professional liability insurance to protect themselves from claims of carelessness.
This insurance is used by professionals such as accountants and doctors to defend themselves from customer accusations of negligence or malpractice.
Depending on the profession, professional liability insurance is often known as medical malpractice insurance or errors and omissions insurance.
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