Most businesses share the same type of risk and thus need the same insurance. General liability, for example, concerns accidents of bodily injury and property damage that can happen at any business. 

Some businesses have certain specialties that require additional insurance to basic policies, however. 

What is Professional Liability Insurance? 
Professional liability refers to accidents of professional negligence that may result in a client losing money. Professional liability insurance covers the expenses related to these risks. 

It does not cover basic accidents as covered under general liability insurance. Instead, it’s geared toward accidents resulting from expert or professional services. 

Who Needs It? 
Essentially any business and professional with a specialized profession should carry professional liability insurance. Those who most commonly carry professional liability insurance include: 

• Medical professionals 
• Accountants 
• Engineers 
• Architects 
• Financial advisers 
• Advertising professionals 
• Photographers 
• Beauty technicians 

These aren’t the only professionals that need professional liability insurance, however. If you offer any type of specialty service, you will need professional liability insurance. 

What Does it Cover? 
Professional liability insurance provides compensation for legal expenses related to a claim concerning professional negligence. Court fees, defense costs and more can be covered under a professional liability insurance policy. 

It does not cover claims concerning property damage, employee injuries or human recourse concerns such as discrimination and sexual harassment. 

Who is Responsible for Carrying Professional Liability Insurance? 
Most businesses carry professional liability insurance for their employees, such as a hospital carrying professional liability for their doctors and nurses. This insurance isn’t always enough, however. Between doctors, nurses, technicians, surgeons and other professionals, there are several chances of a claim that may limit the coverage another professional can receive. 

Professionals may purchase an individual professional liability policy. This guarantees that they have coverage even if they leave their current place of employment. Being in between employers can leave you open to a lawsuit and without coverage. Having your own professional liability insurance policy cuts out that risk.