Most of the professional liability insurance policies offer coverage on the basis of ‘claims made and reported basis’, requiring claims to be made and reported during the applicable policy tenure only. Simple right? However, there are certain components which must be satisfied to ensure the coverage,which are as below:- Make sure the coverage is active […]
Errors & Omissions
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 […]
What is Extended Claim Reporting Clause in Professional Indemnity Policies and How does it work?
A claim must be immediately reported to the insurance company during the policy period for it to be covered and settled properly. A professional will not get the benefits of policy coverage if the claim is made after the expiration of the policy. However, some policies have the option to purchase an extended reporting period. […]
What Does Errors & Omissions Insurance Cover?
Errors & Omissions (E&O) insurance safeguards companies and their employees against claims made by their clients for inadequate or negligent actions taken by them. It means, the policy offers you protection in the event any of your client or shareholder files a case against you. It is also called professional liability insurance policy. Most E&O […]
What is Errors & Omissions Insurance?
The Errors & Omissions Insurance (E&O) is the useful insurance policy that shields you and your employees in case one of your clients accuses you of making mistakes that cost them financial loss. Here the accusation can include claims that your work was inefficient or unprofessional. If a displeased customer blames you for the financial […]
E & O Insurance Vs. General Liability Insurance
Business insurance plays a crucial role in safeguarding your business against financial woes that may come in your way. But how do you know which policy is apt to address the risks you face? For instance, you know that both errors & omissions (E&O) insurance and general liability insurance protect your business against lawsuits. But […]
What is libel and slander clause in professional indemnity insurance?
It is a useful clause in a professional indemnity insurance, which offers coverage against defamation cases filed against the policyholder. Libel and Slander include those defamatory statements or materials which can have the negative impact on the reputation of a person in the eyes of the other. Here the statement may be made either in […]
What Kind of Liability Insurance Does a Consultant Need?
Need for Liability Insurance coverage for Consultants Various companies hire consultants and avail their services for the growth of their business. Further, many professionals open their consultancy firms and often work either out of home or from an office suite. As a consultant you or your employees would be offering a service or imparting advice […]
What is Run Off Cover in Professional Indemnity Insurance?
In a professional indemnity insurance, a run off cover is there to safeguard you against those losses or damages which may arise after your professional or business has ceased to trade. If you have been involved in providing professional services, ongoing professional indemnity insurance is essential. Moreover, you could also remain liable for claims which […]
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, […]