Introduction Indemnity insurance, also known as an indemnity policy, is a crucial risk management tool that provides financial protection to individuals and businesses against potential liabilities or losses. It serves as a safeguard, ensuring that indemnity policy holders can recover financially from unexpected adverse events. In this blog, we will delve into the essential aspects of […]
Professional Indemnity Insurance versus Public Liability
Insurance Professional Indemnity Insurance (PII) and Public Liability Insurance (PLI) are two types of insurance that protect businesses from potential legal claims. Professional Indemnity Insurance policy protects professionals, such as lawyers, accountants, and consultants, from financial losses due to mistakes or negligence while providing services. On the other hand, PLI covers a business for third-party injury or […]
How does a lawyer appointment process work in a professional indemnity insurance?
Professional indemnity insurance covers defense costs, the process of lawyer appointment, and associated costs i.e. charge of legal defense once a lawsuit has been filed against the insured. Listed below is the manner that would manage the claim, once triggered: Insured receives a legal notice or a complaint threatening legal action It is the insured’s […]
What is a Retroactive Date in Legal Indemnity Insurance?
Even if you are the best lawyer and have years of expertise and skills, mistakes can happen. If any of your clients file a case against you, you would have to pay not only the compensation amount (of course, if you lose) but also have to incur legal expenses. Therefore, it is essential to purchase […]
What is the Effectiveness of Professional Indemnity Insurance in India?
We all make mistakes, after all; we are human beings. However, not all humans are forgiving, especially when it is about their money. If you, as a business service provider, cause damage, harm, or financial loss, to your client due to errors of judgment or inadequate services, then you can be sued by the client […]