Any professional who works in an industry that provides advice or service to customers typically purchases professional liability insurance. These policies are designed to protect the professional from any legal action based on errors, omissions, misleading statements, or negligent acts associated with the performance or non-performance of their services. By purchasing this insurance, the professional is less likely to face financial ruin in the event of defending or paying for damages in a civil lawsuit. Although most professionals also have other forms of insurance like auto or homeowners, those policies generally do not cover claims arising out of the operation of their businesses.
There are several types of liability policies depending on your professional field. Examples of professionals who purchase these policies include doctors, lawyers, accountants, therapists, general contractors, real estate agents, and surveyors.