Professional liability insurance is meant to protect your entity from financial loss because of your alleged errors or omissions. This coverage is almost always excluded from general liability policies. It provides protection from purely financial allegations. For example, say you provide some video footage for a real estate company who is trying to sell a home. Two months later they file a lawsuit against your company alleging that the video you sold them has some critical flaw. The flaw was so serious that they claim their firm has lost $1M in revenue because of lost customer loyalty. The defense against, and the possible payment of, that lawsuit would be covered under this type of policy, We recommend that you analyze your own risks and speak with an insurance professional in order to make this decision.
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Submitted by Rob Oldroyd