Professional Liability Insurance (PLI) is an insurance that safeguards professional experts like, lawyers, accountants and physicians against carelessness and personal injury.
Introduction–
A professional liability insurance is one business insurance, that delivers coverage for businesses and professionals to protect from customers and clients against the case of carelessness.
Whereas, the professional liability insurance basically covers, copyright infringement, negligence, personal injury and more.
Individuals that drive their own businesses requires professional liability insurance that can be in-home business or business owners policy. This safeguards them against a financial loss and from legal actions filed by the customer against them.
Importance–
The professional liability insurance safeguards you against any legal activities or threats that are filed by the client, facing a major loss because of your ill advices or mistakes, that can be resolved. This insurance also protects you from paying lot of money to the client for their losses as a compensation.
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Market segment by Type, covers
Medical Liability Insurance
Lawyer Liability Insurance
Construction & Engineering Liability Insurance
Other
Market segment by Application, can be divided into
Up to $1 Million
$1 Million to $5 Million
$5 Million to $20 Million
Over $20 Million
Market segment by players, this report covers
Chubb (ACE)
AIG
Hiscox
Allianz
Tokio Marine Holdings
XL Group
AXA
Travelers
Assicurazioni Generali
Doctors Company
Marsh & McLennan
Liberty Mutual
Medical Protective
Aviva
Zurich
Sompo Japan Nipponkoa
Munich Re
Aon
Beazley
Mapfre
Market segment by regions, regional analysis covers
North America (United States, Canada, and Mexico)
Europe (Germany, France, UK, Russia, Italy, and Rest of Europe)
Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Australia, and Rest of Asia-Pacific)
South America (Brazil, Argentina, Rest of South America)
Middle East & Africa (Turkey, Saudi Arabia, UAE, Rest of Middle East & Africa)
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Market Overview-
Professional liability insurance (PLI) is also known as professional indemnity insurance (PII) which assists to protect service providing individuals and professional advice and the businesses, those are bearing the safeguarding amount against a harm awarded and caused in the court and claims made by clients.
Depending on the profession, the professional liability insurance can create various forms and names depends on the profession like, legal and medical. Sometimes it works under a contract by some businesses that are recipient of services or advice.
Market Growth-
In 2020 the market value of Global Professional Liability Insurance was USD 42070 million and is predicted to reach USD 52980 million tb the year 2027 at a CAGR of 3.4% during the year 2021 to 2027.
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