Get Accountants Professional Liability Insurance ... - Naplia

Public liability insurance covers claims brought by people that interact with your business, such as customers, clients, and members of the public. For example, if you are a builder and accidently drop heavy building materials on to a nearby car, the vehicle's owner could claim to cover the cost of damages.

Professional Liability Insurance covers lawsuits alleging neglect, misconduct, or failure to deliver services promised, whereas commercial general liability insurance covers third-party property damage or bodily injury. Having both CGL and PLI in your coverage, they form a comprehensive insurance policy package.

Professional Liability Insurance, also known as Errors & Omissions (E&O) Insurance or Malpractice Insurance, protects accounting professionals against claims or lawsuits alleging financial loss due to a service you provided, professional negligence, misconduct, or failure to deliver services as promised.

Personal liability insurance covers damages or injuries to others on your personal property. Professional liability insurance covers you if claims are filed against you for professional negligence, errors, omissions, or other issues that can arise if you provide professional services for a living.

Accountants professional liability insurance helps cover your legal costs if your accounting business gets sued for negligence or making a mistake in the professional services given. You can add this coverage to a BOP or buy it as a standalone policy.

Liability coverage is for injuries and damage to others when you're at fault. Full coverage often refers to liability and other state-required coverages plus damage to your car (comprehensive and collision), but it is not an actual insurance coverage.

For example, say you cause a vehicle accident and someone that was injured sues you for $1 million to cover their lost income and other expenses. If your auto policy's liability coverage has a limit of $500,000, you could be responsible for coming up with the additional $500,000.

There are two types of professional liability polices: claims-made and occurrence.