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

Professional indemnity insurance and professional liability insurance are two important types of insurance policies designed to protect professionals and their businesses. Although they may have similar names, they provide different coverage. Professional indemnity insurance offers protection against potential claims arising from errors or negligence in the performance of professional services. This type of insurance is particularly important for professionals who provide advice, such as doctors, accountants and lawyers, as it can help to cover costs associated with any mistakes they may have made. Professional liability insurance provides coverage for negligence or errors in the course of providing goods or services. This type of insurance is essential for professionals who have direct contact with customers, such as contractors and tradespeople. It covers any liability for mistakes or errors that occur as a result of their work and helps to protect against lawsuits that may arise from mistakes or negligence in their services. In Washington, professional indemnity and professional liability insurance are both required for certain professions. This is to ensure that professionals are able to offer services that are of a high quality and meet the necessary standards of care.

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

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