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Insurance for Professional Indemnity

As a business professional, you strive to provide your clients with the best services. But if any kind of errors, omissions, or professional neglect occurs from your end, then you are liable for the losses incurred by the clients. This might result in the client filing a case against you. Whether you are an architect, engineer, doctor, lawyer, chartered accountant, etc. you need to protect your business against such legal claims. This is where professional indemnity insurance helps you.

Insurance for Professional Indemnity saves you and your business from the financial claims made by your dissatisfied customers regarding faulty products, bad service, etc. It also offers valuable assistance and helps to save money as all legal charges are taken care of by the insurance company.

Key benefits of professional indemnity insurance

  • This insurance policy can be specially designed for the requirements of different professionals and professional services.
  • Provides exhaustive coverage against different risks for several businesses.
  • Covers all the legal expenses and costs incurred with the prior consent of the insured.

Factors affecting the cost of professional indemnity insurance

Depending on the type of sector or industry the business belongs to, the cost of the indemnity cover is decided. Some of the factors that are kept in view are listed below:

  • The risk factor involved in the business
  • Location of the business
  • How old is the business
  • Yearly turnover
  • Number of employees in the company
  • Number of clients of the company
  • Credit score
  • Previous history of claims

What does this policy cover?

Professional indemnity insurance protects you and your business against claims of error, omission, or negligence in a professional service where a client has incurred losses. Loss can be monetary or in the form of death or bodily injury to a person in the case of a medical professional. This type of policy covers all claims related to the incidents which occur within the policy period. An owner is responsible for not only his negligence but also for his employees. Such incidences may or may not occur under the direct supervision of the owner. Hence the policy has a provision to insure the professional and his associates or employees too.

What does the policy not cover?

  • Criminal activity, violation of law, or fraud by the company or the owner are not covered.
  • Damage caused under Influence of intoxicants or narcotics.
  • Weight reduction treatments like liposuction, mesotherapy, etc.
  • Cosmetic surgeries like botox surgeries, hair transplants, facelifts, etc.
  • Treatments of HIV and AIDS.
  • The policy does not cover non-compliance with statutory provisions.
  • Businesses involving radioactive materials.
  • Damage caused by wars.
  • Trademark infringement, design patents, copyright issues.

Insurance for professional indemnity helps you pay the clients and protect your professional image. The policy also protects you from the hefty legal fees in a long-drawn-out legal battle. It also provides you with a second opportunity to correct your mistake and make improvements while continuing your business in the market. It is thus wise to get professional indemnity insurance today to protect your business and its image from the trouble that accidental damage to your client might cause.

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