Professional indemnity insurance and professional liability insurance are two kinds of commercial insurance, but their contents and objects of protection are slightly different. From a professional perspective, this article will explain in detail the difference between professional indemnity insurance and professional liability insurance.
Definition of occupational indemnity insurance
Professional indemnity insurance is a kind of commercial insurance, mainly for those industries that require professional skills and knowledge, to provide compensation protection for the insured. Professional indemnity insurance mainly covers the liability for personal injury or property damage caused by accidents, but does not cover the liability for compensation caused by professional errors.
Definition of professional liability insurance
Professional liability insurance is a type of commercial insurance, mainly for those industries that require professional skills and knowledge, to provide professional liability protection for the insured. Professional liability insurance mainly covers the compensation liability caused by professional liability, property damage and personal injury, but does not cover the compensation liability caused by intentional acts, illegal acts and accidents.
The difference between professional indemnity insurance and professional liability insurance
Different protection content
Professional indemnity insurance mainly covers the compensation liability for personal injury or property damage caused by accidents, while professional liability insurance mainly covers the compensation liability caused by professional liability, property damage and personal injury.
Different objects of protection
Professional indemnity insurance is mainly aimed at employees, while professional liability insurance is mainly aimed at professionals, such as doctors, lawyers, architects, etc.
Uninsured liability is different
Professional indemnity insurance does not cover the liability caused by professional errors, while professional liability insurance does not cover the liability caused by intentional acts, illegal acts and accidents.
Different coverage
The protection scope of professional compensation insurance is mainly to compensate employees for accidental injuries and property losses at work, while the protection scope of professional liability insurance is mainly to compensate professionals for compensation caused by professional responsibilities at work.
The role of professional indemnity insurance and professional liability insurance
Professional indemnity insurance and professional liability insurance have slightly different roles:
The role of professional indemnity insurance
Occupational compensation insurance is mainly to provide compensation protection for employees, to protect employees in the work of accidental injuries and property losses.
The role of professional liability insurance
Professional liability insurance is mainly to provide professional liability protection for professionals and protect their rights and interests in the professional field.
Conclusion
Although professional compensation insurance and professional liability insurance are one of the commercial insurance, their protection contents and protection objects are slightly different. Professional compensation insurance is mainly to provide compensation protection for employees and protect employees’ accidental injuries and property losses at work, while professional liability insurance is mainly to provide professional liability protection for professionals and protect their rights and interests in the professional field. When choosing insurance, you need to choose the type of insurance that suits you according to your own situation and needs.
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