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 […]
Errors & Omissions
Professions for which professional indemnity insurance becomes mandatory
A Delhi-based hospital was asked by the Apex Consumer Court in 2013 to pay a compensation of INR 4.1 lakh to the husband of a woman who died due to the doctor’s negligence during childbirth in the Delhi-based Parmarth Mission Hospital. This is not just one incidence where the service provider had to pay a […]
Do I need professional indemnity Insurance as an engineering consultant?
Indemnity Insurance for Engineering Consultants An engineering consultant is a professional adviser who with his due diligence and reasonable skills provides assistance in engineering projects. Professional Indemnity Insurance for Engineering Consultants (PLI) covers negligent acts, errors, and omissions, which are inherent in professional services. Engineering projects can lead to defects, low-quality production, measurement errors, copyright […]
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 […]
Why is Errors & Omissions Insurance Important?
In the current scenario, professionals are working in an increasingly litigious atmosphere which leaves them liable for various allegations made by dissatisfied clients who may feel that they might have been harmed by the actions of a professional. If you have the Errors & Omissions (E&O) insurance policy, you can protect yourself from such lawsuits […]
Who Should Buy Errors & Omissions Insurance?
The Errors & Omissions Insurance (E&O) policy shields you and your company against lawsuits that may be filed by those customers, stakeholders, etc.; who have incurred losses due to your services or products. Also called professional liability insurance, the E&O insurance policy covers judgment, settlement, and various defense costs. Even if the allegations are false, […]
Which Professional Services Should Consider Buying Professional Indemnity Insurance?
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 […]
How does Professional Indemnity Insurance Benefit the IT Firms?
With the Professional Indemnity Insurance, IT Firms get the cover for legal expenses and cost occurred with any claim filed against them by any of their clients. The primary goal of a professional indemnity insurance is to safeguard IT professionals against any financial losses from lawsuits, which can be raised against them by their clients […]