Professional Liability Insurance provides financial protection for professionals and entities offering professional services against claims for financial loss, material damage, or other consequences caused to third parties as a result of errors, negligence, omissions, or professional breaches in the course of their activities. Subject to its terms, the policy covers compensation and legal defence costs that may arise from claims made by clients or other affected parties.
Under Albanian legislation, professional liability insurance is compulsory for a range of regulated professions, including, among others, notaries, lawyers, statutory auditors, insurance intermediaries, accounting experts, architects, designers, construction works supervisors, and other professions for which this requirement is established by specific laws or regulatory acts.
This insurance is an important component of professional risk management, protecting clients’ interests, enhancing professional credibility and ensuring compliance with applicable legal and regulatory requirements.
This insurance is suitable for:
• Notaries, lawyers and private bailiffs
• Certified accountants and statutory auditors
• Engineers, architects, designers and construction supervisors
• Private security companies and cash-in-transit service providers
• Insurance intermediaries, including brokers and agents
• Real estate appraisers
• Claims adjusters
• Doctors, dentists and pharmacists
• Consulting firms
• Travel agencies
• Call centres
