Which Kind of Responsibility Insurance coverage for Your Business

From lawyers to physicians, the individuals involved in advising business are prone to mistakes, which can lead to different types of losses for their clients. General liability insurance can onlyprotect the advisory firms against property damage or bodily losses. However, the professional liability insurance can extend its support to these advisors in situations like infringements, negligence and imprecise advices given to the clients.

For instance, if you are a lawyer and one of your clients bear financial losses due to your negligence, it can’t be covered by general liability insurance. For such situations, you need to protect your business using Professional Indemnity Insurance covers. Other businesses eligible for this type of insurance cover include software and web development, architecture, accountancy, real estate brokerage and so on. As you can see, all these businesses are associated with advising the clients or designing products for them and thus, require to be covered by this special insurance cover.