Understanding Professional Liability Insurance for Consultants

Professional liability insurance is a type of insurance that protects consultants from financial loss due to errors or omissions made in the course of their professional duties. This can include mistakes made in advice or services provided or failure to perform duties as promised. As a consultant, you may be held liable for any financial losses incurred by a client as a result of your work. This can include lost profits, legal fees, and other expenses. Without professional indemnity insurance, these costs can be financially devastating to a consultant.