What is Professional Liability Insurance?
Professional liability insurance is a liability insurance policy that helps your company if any of your consultants are thought to have caused an injury or financial loss to a client. Under the insurance cover, you will receive help from lawyers and experts to investigate a claim, and to represent you if a claim for damages is made against you due to incorrect advice, calculations, drawings, instructions or descriptions. If you are held liable, liability insurance covers the costs. It covers damage to other people’s property, but also includes personal injury.
You can take out professional liability insurance regardless of whether you are a consultancy company or work alone. For certain industries, professional liability insurance is a requirement before clients will hire you.