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Professional liability is a complex policy to explain. As the name “professional liability” implies, it is a liability policy that protects you from claims that you failed to properly perform a professional duty. Malpractice, professional indemnity
The key reason for professional liability is that most general liability policies specifically exclude professional liability. As a result, any business that has the exposure should consider a professional liability policy.
Regarding some businesses, a professional liability policy could be more important than a general liability policy. Our office
The problems regarding professional liability policies include, they are generally:
greatly differ in coverage
defense costs can be included or outside of the policy limits
not commonly understood because of some
claims made vs. occurrence form
extended reporting period
retro date vs. full prior acts
There are too many factors to mention and describe. A knowledgeable agent is very helpful with this class of commercial policy.