Professional Liability Insurance or malpractice insurance helps when a professional like a doctor or a lawyer makes a mistake of oversight that causes harm to a client or a patient.
If there was a lawsuit because of a mistake or negligence, Professional liability is your legal defense. The professional liability acts as your legal defense shield and it covers the costs of hiring a lawyer, legal proceedings, and settlements, giving you the ability to fight without really being there.
Professional Liability insurance or malpractice insurance provides compensation to the patient or the client. If you are a healthcare professional, and a patient suffers harm due to a mistake. The Malpractice insurance steps in to compensate the patient for the medical expenses and the costs resulting from the error.
Professional Liability protects you against allegations. Even if you are innocent, it’s hard defending yourself in court and can be financially draining. Professional liability insurance covers the legal costs, ensuring you have the resources to prove your innocence and protect your professional reputation.
While malpractice insurance or professional liability insurance is commonly associated with healthcare or for lawyers, it is commonly utilized by accountants, consultants, and other corporate professionals. Professional liability insurance covers you when you need someone to defend you during an unexpected event.