Professional Indemnity Insurance also known as PI insurance, Errors, and Omission or Professional Liability Insurance is the cover that protects professional advice and service-providing individuals from bearing the full cost of defending against a lawsuit raised by a client and damages awarded during a lawsuit. It means, if the third party suffers any loss or […]
Articles Tagged: Errors and Omission Insurance
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?
If you are into the service industry, you might always run the risk of being sued by customers in case they incur losses due to your products or services. Errors and omission insurance policy, also called professional liability insurance, offers protection to companies and their subsidiaries for such claims which are brought against them by […]
How is Indemnity defined under Professional Indemnity Insurance?
A person becomes liable for damage to any property or person caused by the services offered by his business. For providing professional service or advice, a person can face claims of negligence or breach. Under professional indemnity insurance ‘Indemnity’ defines as follows: An indemnity includes claims arising due to the losses or the damages made […]