Does Professional Indemnity Insurance allow for out of court settlements?

A professional indemnity insurance policy plays a crucial role by offering the financial coverage to the policyholder against professional negligence and acts of omission or negligence. The policy also covers defence costs, i.e., lawyer fees and compensation awarded by the court to the plaintiff. Also called, errors & omissions insurance, the policy, gets triggered as […]

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Should You Buy A Professional Indemnity Insurance?

Professional Indemnity Insurance policy protects an individual from any third-party liability arising due to any mistake or decision made by the individual, working as a service provider in his/her professional capacity, that may have not gone down well with the party receiving the service. In certain professions like medical services, even a single mistake can […]

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What is professional indemnity insurance?

Professional indemnity insurance, popularly known as PI Insurance or professional liability insurance (PLI), offers coverage to professionals like consultants, lawyer, architects, doctors etc against the error and omission claims filed by a third party i.e. clients. This policy indemnifies you against the legal cost and protects your professional reputation. Any claims arising out of negligence […]

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Do I need professional indemnity Insurance as an engineering consultant?

An engineering consultant is a professional adviser who with his due diligence and reasonable skills provides assistance in engineering projects. Errors and omissions are part and parcel of professional services and Professional Indemnity Insurance (PLI) help you get covered against negligent acts, error or omission etc. In engineering projects, there are high chances of design […]

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What are the professional indemnity insurance advantages?

Professional indemnity insurance is one of the most popular insurance among professionals since it saves them and their business at the time of error and omission. Negligence, incorrect advice, violation of good faith, misrepresentation or breach of professional duty might bring doomsday for your business because clients these days are more conscious about their rights. […]

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Is it a legal requirement to have professional indemnity insurance?

Being a professional or consultant comes with a few must-dos: Getting a proper professional indemnity insurance coverage is the most important one as it provides a shield against the financial blow of unexpected occurrences. It saves yourself from huge financial trouble in the long run. It is not a legal requirement to have professional indemnity […]

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