An insurance cover that protects experts from bearing the cost of negligence arising from their service?

The insurance cover that protects experts from bearing the cost of negligence arising from their service is called Professional Indemnity Insurance. This type of insurance is designed to provide financial protection to professionals who may be held responsible for mistakes, errors, or omissions that result in financial loss or damage to their clients. For instance, if an accountant makes an error in financial advice given to a client, which leads to a significant financial loss for the client, the client may sue the accountant for negligence. In this case, the professional indemnity insurance would cover the accountant's legal fees and any damages awarded to the client. Professional Indemnity Insurance is commonly purchased by professionals in fields such as law, accounting, engineering, and healthcare, where mistakes can have serious consequences. It is different from other types of insurance, such as product liability insurance and third-party liability insurance, which provide protection against losses or damages resulting from faulty products or accidents caused by the insured party, respectively.