What is the purpose of professional liability insurance?

Professional liability insurance serves to protect the professional and their business assets against legal claims that may arise as a result of errors or omissions. Professional liability insurance protects professionals such as doctors, lawyers, accountants, and other professionals who provide advice or services to their clients. In Georgia, this type of insurance is referred to as professional liability coverage. The purpose of professional liability insurance is to cover the professional against potential legal, financial, and reputational damages that may result if the professional is found negligent or liable in a lawsuit. The insurance covers a variety of damages that may arise from professional negligence, including physical property damage, personal injury, economic losses, libel or slander, and breach of contract. In addition, professional liability insurance provides the professional with liability protection from other legal claims that may arise from providing professional services. This includes claims for wrongful acts, negligence, malpractice, or misrepresentation. Professional liability insurance also protects the professional against claims for infringement of intellectual property rights, which often involves a dispute over the ownership of ideas, patents, copyrights, or trademarks. In short, the purpose of professional liability insurance is to protect professionals from liability that may arise from providing services or advice to their clients. This type of liability insurance is essential for professionals in Georgia who are looking to ensure that they are fully protected in case of legal claims against them.

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What is the purpose of professional liability insurance?

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