What is professional indemnity insurance

Reinventing what you expect from a medical professional liability provider. So you can focus on improving clinical, operational, and financial outcomes. Indemnity insurance doesn’t cover claims where property is lost or damaged or bodily injury occurs.

So if one of your business vehicles was involved in a car accident, for instance, any associated personal injury claims might be paid by your car insurance policy rather than an indemnity policy. How does professional indemnity insurance work? What is personal indemnity?

To indemnify means to provide protection against financial losses. The purpose of having indemnity insurance is to protect yourself or your business professionally against liability claims associated with mistakes, misjudgments or malpractice. If you are alleged to have provided inadequate advice, services or designs to a client, professional indemnity insurance provides cover for the legal costs and expenses in defending the claim , as well as compensation payable to your client to rectify the mistake. Regardless of how many years experience your firm may have, there is always the possibility you (or one of your team) could make a mistake. This type of insurance may cover legal fees involved in a suit, along with any payouts determined as a result of a lawsuit.

These could be complaints that you have offered poor advice, or made a mistake in your service which impacts your client. It protects you against legal costs and claims for damages to third parties which may arise out of an act, omission or breach of professional duty in the course of your business. That means, if someone sues THEM, they are protected.

It matters a whole lot.

How many will you be letting? Running a business or pursuing certain professional career paths often means having the right insurance in place to protect yourself against liability claims. It only covers claims made. Our professional indemnity underwriters understand the individual risks businesses face. Trust the experts and protect what matters.

Get a quick quote online today. Professional Liability Coverage Designed To Adapt To Your Firm. When advice is your livelihoo the right professional indemnity cover can offer peace of min security and most importantly, protect your valuable reputation. Any organisation which provides a professional service or gives advice could be sued if the recipient is unhappy with their work. However, it can be difficult to determine whether or not it is compulsory.

A leader in medical professional liability insurance. Helping doctors and administrators reduce distractions and focus on improving outcomes. Here, any advice, work or service that has caused a loss for your client would be covered by the indemnity insurance.

This is where having an added layer of protection can really be useful for you. It is naïve to believe that mistakes will never happen in your business. The best way to safeguard your business and ensure your peace of mind is by buying the right professional indemnity insurance. Having this insurance provides financial protection against any claims made against you including legal defence.

The compensation payment will usually take into account the financial loss that the client has suffered.

Compensation can vary significantly, based on the type of claim that’s awarded as well as the severity of the individual circumstance. Browse the Latest Openings Near You. Find the Perfect Job. Often these professionals might also need other forms of liability coverage such as general. This coverage is also known as errors and omissions (EO) insurance or in some countries as professional indemnity insurance.

Excess in professional indemnity insurance is defined as a small percentage of total sum insured which is payable by the insured at the time of claim. Insured has to borne the part of every claim which is a fixed amount prior to payment by the insurance company. This fixed portion of the claim which is borne by the insured is known as excess.

You can work with The Hartford to customize consultant liability insurance to help cover errors, omissions and negligence in your services provided. For a professional firm to operate efficiently and with confidence, having the right insurance cover is essential. We provide a range of solutions designed for provincial chartere certified and management accountancy practices.