Professional Indemnity/ Errors and Omissions
Professional Indemnity Insurance is a type of business insurance typically for organizations that provide consultation or any professional services to the client. Professional indemnity insurance covers claims made by the businesses in case their clients have sued them for making them endure any significant financial loss due to their advices and services.
It basically protects businesses and individuals who provide consultation and services with the compensation for full and hefty costs arising from the loss that they have caused to their client. The coverage provided by the insurance company focuses on the alleged failure of the service delivery by the company, which has led to the financial loss due to errors and omissions in the service or consultation.
Some companies seek business with consultation and service providers demand that the individuals or businesses need to be covered by professional indemnity insurance. This is in order to lower the risk of not getting compensated for the losses caused by the business during the tenure of their service.
Coverage:
- Defence Costs
- Third Party Financial Loss
- Negligence claims against the company and employees
- Infringement of intellectual property and privacy breaches.
