Professional liability insurance (PLI) is a form of liability insurance that helps to minimize financial hardship as well as protect your business against a negligence claim made by a client/customer, should damages be awarded in such a civil lawsuit.
Professional liability insurance is authorized by law in some areas for certain kinds of professional practice (especially medical and legal fields), and in certain instances may be required under contract by other businesses that are the recipients of professional advice or services.
If you are not sure if professional liability insurance coverage applies to you, refer to the examples below; these are just some of the industries for which this insurance is recommended.
- Investment Banking and Broker/Dealers, Banking
- Merchant Banking and Venture Capital
- Attorneys, Architects, Engineers, and Accountants
- Health Care and Biotechnology
- Media, Communications, Entertainment
- Insurance Companies and Asset Managers
- Real Estate Brokers
- Third Party Business Administrators
Please feel free to contact an All-Risks representative directly for any questions/concerns you may have; a mistake which causes financial harm to another can occur in almost any transaction, in many professions.