Q1. What is Professional Indemnity (PI) Insurance? Professionals Indemnity is for professionals such as: – architects, engineers, doctors, lawyers, chartered accountants, and medical practitioners, and services such as medical establishments need to protect their business interests. The policy is also known as Errors and Omission (E&O) Liability insurance and is typically taken by services companies […]
Articles Tagged: professional indemnity insurance
Advisors take professional indemnity cover
Published in Cafemutual on 3rd September, 2015 Financial advisors are increasingly opting for professional indemnity insurance which protects them against any litigation due to errors or negligence in their practice. In case of financial advisors, such errors can occur due to judgmental errors. IFAs say that this cover has come into spotlight after The New […]
4 Scenarios Where Professional Indemnity Insurance Help Architects
As an architect, you make thousands of decisions every day. Also, these decisions may constantly be revised by clients, who might also make some sudden changes due to budget. But what if your decision turns awry, and your client sues for that? Not only monetary but will also hurt your reputation as well. Professional Indemnity […]
Factors Affecting Solicitor’s & Lawyer’s Professional Indemnity Insurance Premium
Obtaining professional indemnity insurance cover is necessary for legal firms. However, the firms do consider the premiums and costs as one significant expense. While some lawyers and solicitors consider professional indemnity insurance an unwelcome cost, it can be a lifesaver when things turn awry. When opting for professional indemnity insurance, you must understand the type […]
What is the Effectiveness of Professional Indemnity Insurance in India?
We all make mistakes, after all; we are human beings. However, not all humans are forgiving, especially when it is about their money. If you, as a business service provider, cause damage, harm, or financial loss, to your client due to errors of judgment or inadequate services, then you can be sued by the client […]
What is IPR Infringement Clause in Errors and Omission Insurance?
In today’s highly competitive world, there has been a rise in the consumer-friendly nature of legal environment across India. It makes it necessary for the people working in different areas to pay utmost care towards the manner in which they are discharging their duties otherwise they could be sued. In the recent times, it is […]
Buying Professional Indemnity Insurance? 5 Mistakes to Avoid
It’s widely known that companies and professionals alike enjoy numerous benefits by purchasing professional indemnity insurance. Also called errors and omissions insurance, this type of policy offers financial assistance in the event that a lawsuit is brought against professionals or companies, and they are held responsible for professional negligence or error. However, when you decide […]
What are the various areas where professional indemnity insurance has become necessary for Service providers in India?
An act of negligence, error, or omission can cause a service provider to lose a large amount of money to compensate for the mistake. Clients claim for losses that can be financial in nature or can be caused by bodily injury. Such incidents bring the dire need for professionals in various areas to insure themselves […]
What is data breach insurance coverage?
With technological advancement, the inherent risk of a data breach has increased tremendously and has become more challenging to resolve. To tackle the threat posed by the data breach, appropriate data breach insurance coverage is the need of the hour. The use of continuous internet connection by businesses due to online interactions has made them […]
How to Reduce Premium of Professional Liability Insurance Coverage?
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 […]