Professional Indemnity Insurance: Protection for your expertise

17 February 2020

The biggest asset for any business is productive ideas. Ideas make the difference between success and failure. That is why consultation services are considered precious in today’s business environment. But with big ideas come big risks and professional indemnity insurance is a type of insurance meant to nullify that risk.

Professional Indemnity Insurance also known as 'Errors and Omissions' or Professional Liability Insurance, professional indemnity insurance provides protection for organizations if an error or omission on its part has caused a financial loss for clients.

Who is Professional Indemnity Insurance applicable for?

Professional indemnity insurance is meant for professionals like Management consultants, Chartered Accountants, Financial Accountants, Solicitors, Counsels, Lawyers, Advocates, Interior Decorators, Engineers, Architects, Doctors, other medical practitioners, and Medical establishments.

Any organization in the business of providing services to its clients for a fee, has a professional liability exposure. You may want to consider what will happen if the service is not done correctly or on time, and it costs your client money or harms their reputation.

Coverage of professional indemnity insurance:

Most Professional Liability policies cover judgments, settlements and defence costs. Even if the allegations are found to be groundless, huge sums of money may be needed to defend the lawsuit. They can bankrupt a smaller company or individual and have a lasting effect on the bottom line of larger companies.

Professional indemnity insurance is a necessity in today’s business scenario. To put it very simply, everyone makes mistakes. Even with the best employees and the best risk management practices in place, mistakes will be made. By not purchasing Professional Indemnity coverage an organization could be taking on a serious financial risk.

Our team of experts with their experience and in-depth knowledge have designed tailor made solutions to shield you against unforeseen incidents and we give you the confidence with our resources and expertise to safeguard you against such losses in the best way possible.

Tags: - Professional indemnity insurance, Professional Liability Insurance, Errors and Omissions