What is the difference between professional indemnity insurance and professional liability insurance?

Professional indemnity insurance and professional liability insurance are two different types of insurance policies that protect businesses and individuals in the case of a lawsuit or legal action. Professional indemnity insurance protects businesses and individuals from a third-party claim for financial loss caused by the business’s product or service. Professional liability insurance, on the other hand, covers professional malpractice and errors. Professional indemnity insurance is meant to protect businesses and individuals from potential financial losses or damages resulting from claims made by customers, clients, or other third-parties. This type of insurance will also cover costs associated with defending a business or individual against a claim, as well as damages awarded to the third-party if the business or individual is found liable. It is designed to cover any errors, omissions, or mistakes caused by a company’s or individual’s negligence or incompetence. Professional liability insurance is meant to protect businesses and individuals from potential financial losses resulting from a professional error or negligence. This type of insurance covers any mistakes, omissions, or negligence in a professional capacity, such as those found in Maryland professional liability law. It is designed to cover any financial losses resulting from a professional error or negligence. This type of insurance is particularly beneficial for those who provide professional services, such as lawyers, physicians, and architects. Insummary, professional indemnity insurance is designed to protect businesses and individuals from claims made by a third-party, while professional liability insurance is designed to protect businesses and individuals from claims of professional errors or negligence.

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What is the difference between professional indemnity insurance and professional liability insurance?

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