With increasing globalization and industrialization, the need for liability insurance is also growing very fast. In the present perilous and unsafe world, liability insurance is very important the companies. The businessmen should predict the amount of liability insurance claim on the basis of the risk related to their business. Also with the help of professional liability insurance, many professionals such as lawyers, accountants, architects etc are protected from the claims that can be made by their clients. Professional liability insurance protects them against the monetary losses that can happen. A number of professional liability insurance companies are available to provide liability insurance to both large as well as small businessmen. Even the insurance brokers or agents can be consulted for the same. So in a way liability insurance is a back-up plan available for all the businessmen and servicemen who don’t want to come across any professional crisis.