Professional Indemnity Insurance
Professional Indemnity Policy is an insurance product that protects professionals from legal claims arising from errors, omissions, or negligence in the course of providing professional services. It covers the cost of defending such claims and also pays for any damages that may be awarded to the claimant.
Professionals such as doctors, lawyers, architects, engineers, and accountants may face legal action if a client believes that they have suffered a financial loss or injury as a result of the professional’s actions. Professional indemnity insurance provides financial protection in such cases.
The policy covers the cost of defending a claim, which includes the cost of legal representation, court fees, and other expenses incurred in the defense. If the professional is found to be liable for damages, the policy will pay for any compensation or settlement that is awarded to the claimant.
Professional Indemnity policies can be tailored to meet the needs of different professions and businesses. The policy limits and coverage options may vary depending on the type of business and the level of risk involved.