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

Professional indemnity insurance and professional liability insurance are two forms of coverage that provide protection for professionals against certain mistakes or oversights. Professional indemnity insurance is coverage that is designed to protect a professional, such as a doctor, lawyer or accountant, from claims related to negligence, errors and omissions in the performance of their duties. Professional liability insurance is coverage that protects a professional from claims related to the breach of a duty or an act of negligence. The main difference between professional indemnity insurance and professional liability insurance is in the type of risks they cover. Professional indemnity insurance is designed to cover wrongful acts or mistakes while professional liability insurance covers the breach of a duty or an act of negligence. Professional indemnity insurance is often sought after by professionals, such as doctors, lawyers and accountants, because it can provide them with financial protection if they make a mistake. On the other hand, professional liability insurance is typically sought after by businesses because it can offer protection against claims related to the breach of a duty or negligence. In Wisconsin, both forms of coverage are available to professionals. However, professional indemnity insurance is usually more comprehensive than professional liability insurance and typically offers more protection to professionals. It is important to understand the differences between these two types of coverage so that you can make the best choice for your situation.

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

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