About Professional Liability Insurance
- April 25, 2020
- Business and Management
- No Comments
Professional liability insurance is an independent and specialty coverage. This is not provided under the policies of the business owner or the support of the homeowner.
Executive liability indemnity can help cover attorney fees, court costs, and any resulting settlements, decisions, or fines. This can include many issues such as software or system failure, loss of client data, non-performance, etc.
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Professional liability insurance coverage also includes legal defense costs. The costs involved, including court costs, are limited to the coverage limits in a customer's insurance policy. There are various types of personal liability insurance coverage.
Personal injury covers the client against claims of slander, libel, and invasion of privacy. Intellectual property infringement coverage covers the client against claims of copyright infringement.
When professionals are hired, they are done with the belief that they have the expertise and knowledge necessary to work to the best of their abilities. Also, there is a certain code of conduct that they expect to follow while doing their work.
When professionals fail to meet their desired standards and their skill level falls far below expectations, they are liable to be taken to court for losses incurred in another person's business. Thus, they need professional liability insurance.