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Professional liability. Professional liability insurance covers your legal expenses and damages related to issues that result from your professional negligence or mistakes.
Professional liability insurance (PLI), also called professional indemnity insurance (PII) and commonly known as errors & omissions (E&O) in the US, is a form of liability insurance which helps protect professional advising, consulting, and service-providing individuals and companies from bearing the full cost of defending against a negligence ...
Due to the risk of liability, CPAs and accounting firms may carry professional liability insurance to provide some protection from legal claims and lawsuits, although some firms choose to self-insure. [4] Concerns about high damage awards and insurance costs have led to proposals to limit liability for public accounting firms. [5]
Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.
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Following 2003, medical malpractice insurance rates were reduced in Texas. [ 43 ] [ 45 ] However, the Center for Justice & Democracy at New York Law School reports that rate reductions are likely attributable not to tort laws, but because of broader trends, such as "political pressure, the size of prior rate hikes, and the impact of the ...
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