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How Premium is Decided Under Professional Indemnity Insurance

A professional indemnity insurance plays a crucial role by offering you financial coverage against professional negligence and errors. Within the field of risk management, buying a professional indemnity insurance (also called errors & omissions insurance policy) is a crucial step which you can take towards hedging your potential risks. If you are in the market […]

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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 […]

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What are the Clauses Under Errors and Omissions Insurance Policy?

Errors and omissions insurance or professional indemnity cover offers protection to the company and its subsidiaries against various claims which can arise in respect of negligence, errors or omissions while discharging their professional services. Every professional, irrespective of in which domain he/she is working, should purchase errors and omissions insurance policy. While taking the policy, […]

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Duties of Insured Under Professional Indemnity Insurance When a Loss Occurs?

When a loss occurs, the insured has the following duty under professional indemnity insurance: Give written a notice to the insurance company immediately or as reasonably practicable of claims made against the Insured. Advise the Insurance Company of any circumstance or a specific event which can lead to a claim against the insured. Immediately forward […]

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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 […]

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How is Claim Processed in Professional Indemnity Insurance?

There are keys terms which are prominent in Professional Indemnity Insurance: Liability          : Responsibility Legal liability : Responsibilities enforced by law. This can be categorised as civil liability and criminal liability. For the purpose of professional indemnity insurance, only claims falling under civil liability are payable. For claims falling under civil liability, if there […]

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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’ is defined as follows: An indemnity includes claims arising due to the losses or the damages […]

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5 Ways A Professional Indemnity Insurance Can Help Attract Talent

Doctors are considered to be potential lifesavers that people look up to in times of emergency. The medical profession is revered in India, and its high-income levels and a dignified aura makes it a favourite among people of all ages. But, as with everything, this profession is also driven by several negative forces that are […]

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