Professional Liability Insurance (PLI), is also known as Professional Indemnity Insurance (PII) or as Errors & Omissions (E&O). This is a liability insurance cover that protects individuals from professional risks and related legal expenses. It provides indemnity in case a third-party sustains injury, harm, death or damage to property due to the professional service or advice provided by the insured. Most common cases where professionals have been sued in court are for negligence or malpractice.
In most cases, this insurance policy can be availed by professionals such as lawyers, doctors, architects, Chartered Accountants, etc. and also by professional organizations and bodies such as hospitals, law firms, BPOs and so on. Some of the leading insurance providers who offers Professional Liability Insurance includes Tata AIG, New India Assurance, HDFC Ergo, Bajaj Allianz, United India Insurance, ICICI Lombard and National Insurance Company. The scope of the cover varies from insurance provider to insurance provider.