Which professional would likely need professional liability insurance?

Professional liability insurance is designed to protect professionals against claims of negligence, errors, or omissions that arise from providing their professional services. In this context, accountants are a prime candidate for needing this insurance because their work involves providing financial advice, preparing financial statements, and ensuring compliance with tax laws. Any mistakes or oversights in their services can lead to significant financial repercussions for their clients, potentially resulting in claims of professional mismanagement or negligence.

While retail store owners, electricians, and general contractors may have their own types of coverage—such as general liability insurance or other policies tailored to their respective business needs—those coverages typically address different risks associated with physical harm, property damage, or general business operations rather than the professional services aspect that accountants face. Thus, accountants specifically benefit from professional liability insurance as it directly relates to the intricacies and responsibilities of their profession.