Errors & Omissions Insurance Or Professional Indemnity Insurance

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Errors & Omissions Insurance Features

Universally Accepted
Insurance recognized by investors, external agencies and international companies. Meets contractual requirements that you may have.
Comprehensive Cover
Cost of litigation for deficient services or negligence covered. Most occupations covered. The cover may be India-focused or worldwide. Current and past employees covered. Subsidiaries can also be covered.
Original Retroactive Date
Covers claims related to any event after the retroactive date. This is specified as the start date when the first Errors and Ommissions insurance was bought. Ensures that cases that come about several years after the incident also covered. The insurance in force when the claim is made covers the costs.
Legal support
Insurers will provide legal support to defend yourself. In a few cases they will take on the obligation of fighting your cause.

How to ensure claims are paid?

Ensure Retroactive Coverage

Claims pertaining to a period before the retroactive date are not covered. If there is a break in the renewal of the professional liability insurance then the retroactive date is reset to the start date of the new insurance. Ensure timely renewal and carry forward of retroactive coverage.

Declare Known Issues

Claims that come about from an issue that was known before the insurance was bought are rejected. Further it can make the policy void due to non-disclosure. This can be addressed by clearly describing any known issues when you buy your first professional indemnity cover.

Practice Lawfully

If the information in the proposal form is different from actual practice you run the risk of claim rejection. For example, you may state that you have trained nurses but may not; you may have used an OT that is not properly licensed; or not declared your specialty appropriately in the form.

Why SecureNow

Deep
Product Knowledge

We have specialized underwriters and tie-ups with international experts.

Cost-effective
Insurance

We work with all insurers to get you the best options- both in terms of price and features.

Quick Turnaround

Cover notes are issued within hours of request. This documentation is sufficient for any contractual requirement.

Strong Claim Support

We manage all aspects of your claim - from preparing documentation to follow-up with the insurer.

Value Added
Services

We will advice you on risk management best practices.

Policy Administration
System (PAM)

See all your contracts and renewal information in one place. Place service requests on PAM.

FAQs

Errors and omissions insurance policy can be taken by IT companies, BPO, Telecommunication service providers, software development companies etc. The best-known professionals who need errors and omissions (professional indemnity) insurance policies are lawyers, engineers, doctors and architects.
Errors and omissions insurance covers your business when it's sued over professional errors, either real or perceived. The claims arising from the accusations that your work was inadequate, unprofessional, or incomplete which causes loss to clients are covered.
Yes, errors and omission insurance policy does provide cover for the settlement of law suits. The extent of settlement is determined by the type of the policy and sum insured.
Key exclusions as per standard errors and omissions insurance coverage-
  • Infringement of patents
  • Liability arising out or criminal or unlawful act
  • Failure or delay caused from non-availability of internet or telecommunication, except if the insured provides those services
  • Defect in deliverables because of shortcomings from the side of supplier, manufacturer etc.
As soon as the insured get a written or documented warning or becomes aware of the problems within his or her business, the insured can prepare to lodge for a claim settlement.

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