Professional indemnity insurance covers defense costs, the process of lawyer appointment, and associated cost i.e. cost 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 compliant threatening for legal action It is […]
Articles Tagged: professional indemnity insurance
Do insurers vary in pricing for a doctor’s professional indemnity policy?
Pricing for a doctor’s professional indemnity A professional indemnity insurance policy covers doctors against third-party liabilities. A lawsuit filed in case of wrongful treatment or negligence can be expensive. The premium charged depends on many factors like the coverage and likelihood of claim. Moreover, every insurance company follows its own pricing policy. The premium varies even […]
Professional indemnity insurance and out-of-court settlements
A professional indemnity insurance policy is also called errors and omissions insurance. It offers financial relief to a policyholder if they are sued for professional negligence or acts of omission/negligence. In such cases, the policy also covers defense costs, i.e., lawyer fees as well as court-awarded compensation for the plaintiff. Notice served to the policyholder […]
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 […]
Five types of organisations which must have Professional Indemnity Insurance
Five types of organisations which must have professional indemnity insurance cover All professionals are susceptible to make mistakes due to negligence at work. However, a doctor, lawyer or financial advisor committing an error, though seemingly negligible, may lead to losses or land their clients in unfortunate circumstances. In case of a lawsuit, these professionals may […]
How a Professional Indemnity Insurance is Boon for Professionals and How to Buy it? – Infographic
If you are a professional service provider, you know the value of managing client relations and rapport in the market and how difficult it can be to maintain. A professional indemnity policy can help you avoid damage to the image or your financial health in the case of a claim of negligence by a customer. […]
Frivolous litigations & Charges: A Scary Reality of the Medical Profession
In the field of health professionals, medical negligence is an often-used term that demonstrates a deficit in doctors’ duties towards patient care. When a patient visits a doctor to consult him or her for treatment, the former trusts the latter completely. Respecting that trust as well as adhering to the ethics of the health profession, […]
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 […]
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 […]
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. […]