Definition: Professional Services Insurance refers to a type of insurance that is designed specifically for providing protection against certain professional liability risks to business owners, directors, shareholders, and managers. This term encompasses a wide range of insurance products, including workers' compensation coverage, third-party liability coverage, commercial property insurance, and general liability insurance. Professional services insurance typically covers losses caused by work performed by licensed professionals such as lawyers, engineers, architects, accountants, and attorneys. Professional Services Insurance can be used to protect businesses from financial loss if a professional becomes ill or injured while performing their duties, or if they are injured in the course of their profession. It may also cover cases involving insurance fraud or other types of professional misconduct. Professional services insurance is typically purchased by professionals themselves or through an agency or partnership, and it can be customized to meet individual business needs. The term 'professional services insurance' refers to a type of insurance that provides protection against certain professional liability risks for businesses.
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