Professional liability insurance helps protect you in the event a third party claims financial loss as a result of your service or professional advice – or your failure to provide it. Whether you’re to blame or not, you’d still need to cover your legal expenses. Professional liability insurance can help reduce that financial burden, as it may cover your defence costs, settlements, and awards up to your policy limit.
Keep in mind that you’ll still be required to pay a deductible. Your policy limit applies across your policy term (a 12 month period) and is not per incident. The level of coverage you choose depends on a few factors: