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Why Professional Indemnity Insurance is Vital for Business
Professional indemnity insurance protects your practice from costly negligence claims that can arise from professional advice, services, or recommendations. It's essential protection for all professionals.
What Types Of Businesses Need Professional Indemnity Insurance Coverage?
Professionals
Consultants, lawyers, and accountants need professional indemnity insurance to safeguard against financial loss claims due to alleged negligence or errors in their work.
Medical Professionals
Healthcare providers need professional indemnity insurance for doctors to protect against medical malpractice or negligence claims.
Construction Industry
Builders need professional indemnity insurance to cover liabilities arising from design flaws, construction defects, or project delays outlined in professional indemnity insurance in construction contracts.
Consultants
Consultants across industries need professional indemnity insurance to shield themselves from claims related to financial loss or damage caused by their advice or services.
How will Professional Indemnity Insurance help the business?
A management consultant faced a lawsuit after a client alleged their advice led to significant financial losses. The consultant's professional indemnity insurance covered the legal fees, court costs, and the eventual settlement, saving the consultancy from bankruptcy.
Safeguard Your Expertise, Secure Your Future
Without professional indemnity insurance for consultants, the financial burden and reputational damage could have been devastating.
Inclusions
Negligent Acts, Errors, or Omissions
Covers claims arising from incorrect or misleading professional advice.
Misleading Statements or Advice
Covers claims arising from incorrect or misleading professional advice.
Breach of Professional Duty
Covers damages if a professional fails to meet their expected standard of care.
Defamation or Libel Claims
Covers legal costs if a professional's statements harm someone's reputation.
Loss of Documents
Covers costs to recreate or replace lost or damaged important documents.
Exclusions
Intentional/Dishonest Acts
Deliberate professional misconduct.
Claims Before Policy
Events happening before coverage began aren't covered.
Contractual Excess
Liability beyond professional duty, if not specified in the contract, is excluded.
Punitive Damages
Damages intended to punish are usually not covered.
Bodily Injury/Property Damage
Usually covered by other insurance, not professional indemnity.
Illegal Activities
No coverage for claims arising from illegal actions.
Custom-fit coverage
Financial Security
Expert Support
Comprehensive Protection
Competitive Pricing
Why Buy Professional and Indemnity Insurance From Covrzy?
Covrzy's Professional Indemnity Insurance is your financial armor, protecting from allegations of negligence or errors. Our tailored coverage takes care of your legal expenses, so you can focus on seamlessly running your business. Know why we're the ideal partner for you.
Custom-fit coverage
Financial Security
Expert Support
Comprehensive Protection
Competitive Pricing
Real Life Claim Story
In a case, the National Consumer Disputes Redressal Commission (NCDRC) ordered Fortis Hospital and a doctor to pay ₹65 lakhs in compensation to a patient who underwent an unnecessary surgery. The patient had complained of abdominal pain, and the doctor recommended surgery without conducting proper diagnostic tests. Post-surgery complications arose, leading to the patient's prolonged suffering and additional medical expenses.
Paid for Legal Costs
The policy would have also covered the legal expenses incurred in defending the case, including attorney fees and court costs.
Provided Expert Assistance
The insurer would have likely provided access to legal and medical experts to assist in the defense, increasing the chances of a favorable outcome.
Frequently Asked Questions
What is Professional Indemnity insurance?
Professional Indemnity insurance, is a type of personal liability insurance that protects professionals & businesses against claims of negligence, mistakes, or omissions in their services. It covers legal costs and potential damages if a client suffers financial loss due to your professional advice or services.
Is professional indemnity insurance the same as directors & officers insurance?
What is the tenure of the professional indemnity insurance?
Do you have more questions?
Contact us for any queries related to business insurance, coverages, plans and policies. Our insurance experts will assist you.
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