What is Professional Liability Insurance?

Professional Indemnity Insurance, known as "Mesleki Sorumluluk Sigortası" in Turkish, is a type of insurance in the United Kingdom that provides protection against financial losses arising from the professional services offered by an individual or a company. This insurance typically covers errors, omissions, wrongful advice, or service defects that may lead to financial losses.

Professional Indemnity Insurance in the UK may include the following:

1. Errors and Omissions: Coverage for financial losses resulting from mistakes or omissions made by a professional in the course of their work.

2. Service Defects: Protection for financial losses arising from defects in the services provided by a professional.

3. Wrongful Advice: Coverage for financial losses incurred by clients due to incorrect or wrongful advice given by a professional.

4. Legal Defense Costs: If the insured faces a legal claim or requires legal defense, the insurance company may cover the associated costs.

Professional Indemnity Insurance helps professionals and companies protect themselves against potential financial risks that may arise during the delivery of professional services. It is often considered essential for certain professional groups such as consultants, lawyers, engineers, and other professionals in the UK.