A professional liability insurance plays a crucial role in protecting you against legal claims for errors, omission and professional negligence. Also known as errors and omissions insurance policy, it indemnifies the policyholder against various claims which may arise due to a breach of duty, negligence, etc.; while discharging duties. Considering the vital role played by […]
Errors & Omissions
How Premium is Decided Under Professional Indemnity Insurance
A professional indemnity insurance plays a crucial role by offering you financial coverage against professional negligence and errors. Within the field of risk management, buying a professional indemnity insurance (also called errors & omissions insurance policy) is a crucial step which you can take towards hedging your potential risks. If you are in the market […]
Do past claims cause higher premium in Professional Indemnity Policy?
Yes, past claims impact the premium of a professional indemnity insurance policy. Insurance companies evaluate a firm’s claim records over the past five to ten years as a likely barometer of future incidents. Thus, the size and the frequency of a previous claim is taken into account and has a significant bearing on a firm’s […]
How Much does Errors and Omissions Insurance Costs?
Overview The cost of Errors and Omissions (E&O) insurance depends on various factors such as business size, industry risk level, coverage limits, claim history, and annual revenue. On average, premiums in India can range between ₹7,000 to ₹50,000 per year for small to mid-sized businesses. Tailored quotes are typically provided based on individual business needs […]