Professional Liability Insurance was introduced to cover professional negligence, misrepresentation, and inaccurate advice. This insurance is also known as the Professional Indemnity Policy. For professional liability insurance, you can also look at this site.
A policy provides protection against loss caused by service providers, employees, contractors, etc. This policy covers all professionals, including lawyers, accountants, physicians, and architects. Real Estate brokers are also covered.
This Insurance covers wrongful acts, negligence, or error as well as omissions that are related to professional service. The existing policy covers bodily injury while the general policy covers financial loss due to professional negligence, misrepresentation or inaccurate advice.
One type of protection against professional failures is the scheme of policy. Employers and consultants are both required to have a policy.
When purchasing policy is being considered, make sure to include legal defense costs coverage. This should be done for both W2 employees and 1099 subcontractors. There are also options available for copyright infringement, intellectual property infringement, and protection against libel. You have many options when choosing Professional Liability Insurance.
It is important to choose the right broker. An organization's accountants and attorneys are the most private people. Insurance broker also has a similar position. Financial loss can be caused by poor broker selection. It is important to select an insurance broker with a long track record.