Professional liability refers to the legal responsibility that professionals, such as doctors, lawyers or accountants, have towards their clients or patients for any harm they may cause due to negligence or errors in judgment while performing their professional duties. It is also known as malpractice insurance and covers damages awarded against a professional in the event of a lawsuit. The concept of professional liability is based on the principle that professionals have a higher level of knowledge, skill and expertise than laypersons, and therefore must adhere to a higher standard of care when providing services to their clients or patients.