If you provide any kind of professional service, such as bookkeeping, transportation, legal, medical, or even non-profit organizations, then you could benefit from professional liability insurance. This kind of insurance can actually bridge the gaps that are often left by the kinds of general insurance policies most businesses have.
For instance, a person in the accounting field may find himself involved in a lawsuit from a former client who felt that the business advice he received caused him financial problems. Because there was no direct physical harm to the client in this instance, a general policy might not offer protection. However, with professional liability insurance, this type of litigation related to human error may be covered. This means that the expenses you incur from this type of litigation would be insured against. Other types of expenses that this insurance may cover include the loss of data or information and the expense to replace that information.
The main benefit you may gain from professional liability insurance is the comfort of knowing that if you make a costly mistake, you will be protected against the expenses that will result from it. People are only human, and mistakes do happen, however, rather than the constant worry that one of your decisions may result in a lawsuit, with the proper kind of insurance, you can be confident in your profession and move forward with those decisions.