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What is Professional Indemnity Insurance?

What is Professional Indemnity Insurance? PhotoProfessional indemnity insurance is a form of liability insurance. It is aimed at protecting businessmen and their companies in times of claims made by clients. This form of insurance helps businessmen cover the cost of defending against a claim and the damages a client might have suffered.

Damages in this case will be the result of non performance and error of product or service the businessman provides.

In America, this type of insurance is often referred to as errors and omissions. Businessmen and professionals are now realizing the importance of professional indemnity insurance. It is of great help and a final resort in times of a civil law suit.

What does this kind of insurance do?

Basically, this type of insurance covers the cost of financial losses a client may suffer from:

  • Non performance and errors of products
  • Breach of contracts
  • Professional Negligence
  • Breach of confidentiality

In addition, professional indemnity insurance makes the cost of defending oneself lighter. This insurance works for businessmen and businesses, not their client.

Examples where professional indemnity insurance is applicable

It is very important that one is continuously covered. Claims with this type of insurance have to be made within the period of the policy.

  • Architects offer their services and advice in the creation of structures. If he makes a mistake and is not corrected after the structure has been completed, he can be held liable for financial losses. Here the architect can seek help from the insurance.
  • Computer software is designed to do specific functions. If it does not do what was guaranteed to be done, it could result in loss of money. Customers in this case can make actions. Whatever cost had been lost, the insurance company can come cover those depending on policy.

Who can benefit from professional indemnity insurance?

In general, any businessman who provides products or services benefit from this type of insurance. Lawyers, doctors, accountants, architects and software designers can be liable for damages or financial loss.

Errors from advice, service and products can happen. In the event that it does, clients will have the right to complain. It is therefore important to have indemnity insurance to protect your business.

Professional indemnity insurance works for the businessmen and their businesses. It is the ultimate safety net so one has to consider acquiring it. Check out with reliable insurance brokers for prices and relevant advice.