Business risk
Professional liability
Cover for economic losses caused to a client by an error, omission, or negligence in the exercise of a profession.
In practice
It is contracted on a claims-made basis, just like D&O, and in several professions, it is mandatory by regulation or by professional body. Retroactivity decides which old assignments remain protected when changing company.
Where it is addressed
This term is covered in Responsabilidad civil and applies when taking out Responsabilidad Civil.
