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Professional liability insurance
Professional liability insurance is also called the Professional
Indemnity insurance. As proposed by its name Professional liability
insurance is related to professional person such as doctors, nurses,
architects, lawyers. This insurance protects this professional person from potential
negligence claims made by their clients/patients.
Professional liability insurance is directly related to its name
and divided according to there profession, for ex. Doctors liability insurance,
Lawyers liability insurance , Liability insurance for Architects.
The best example of a Professional Liability insurance can be gives as a Software
developer company who creates software for a repeated firm, is responsible for
saving all the data related to its client. But unfortunately the software is incompatible
in saving the records in the future because of its some negligence point. In that
case the client may fire a case against that software company. In such a situation
the Professional liability insurance provide help. As a Liability insurance is
related to third party insurance. The Insurer Company will be responsible to pay
money of that claim.
The similar example can be taken as doctor’s liability insurance in which
a doctor gives a wrong medicine to his/her patient, and the patient undergo
in reaction of that medicine. In such a situation the patient or his/her relative
may fire a claim against that doctor for his/her negligence. In such a situation
again the professional liability insurance pay helps to the insurer.
A major difference between a general liability insurance and a professional
insurance is that general liability insurance is responsible for third party
injury(body injury because of any reason), but the liability insurance may be
related to financial or Clients health(doctors or nurse liability insurance).
So as whole story the professional liability insurance is must for all those
person who may be trouble because of there profession.
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