Professional liability insurance is an important coverage for any individual providing advice, service or consultation. The purpose of this coverage is to protect professionals from future liability that may occur as a direct or indirect result of services provided to their clients.
Most businesses carry a Commercial General Liability (CGL) policy. This coverage is important as it protects businesses against liability claims for bodily injury and property damage. Professional liability insurance is a different coverage, and the two should not be confused. Professional Liability covers you for liabilities that would happen as a result of your profession.
All businesses that offer professional services but also have a physical business presence should carry both policies to ensure they are fully covered. An example would be an accountant who provides advice & professional services, but also has an office space where clients come for meetings.
Some professions that would require Professional Liability Insurance include but are not limited to: Accountants, Health and Medical Professionals, IT Professionals, Graphic and Web Designers, Copywriters, Engineers, Architects and more.