A wrong moment, a wrong decision, or an omission while at work can hurt third parties and cause you great damages and years of litigation. Demanding professions such as doctors, accountants, lawyers, advertisers etc. have an increased chance of facing such claims.
Insurance is a priority not an alternative
It is estimated that the average compensation for medical errors of obstetricians exceeds 600,000 euros, for neurosurgeons 450,000 euros and for plastic surgeons 170,000 euros. Imagine taking responsibility for a public project in which the wrong action of one of your employees leads to material damage, project delay or even loss of human life.
In practice, managing such situations is extremely difficult and requires people with specialized knowledge. This is exactly what Professional Liability insurance policies do, they provide a safety net to the insured for the liability he bears from acts or omissions related to the nature of his work. In a more general context, these products cover the compensations that arise for the professionals as well as their legal representation. This cover varies between different professions.