If you run a business that provides professional services or advice, to
clients and run the risk of either causing your clients to lose money or suffer
an injury, the Professional Indemnity cover will protect you against a series
of factors concerning the business services, you provide to your clients. This
includes:
- Legal costs and expenses incurred during a
claim
- Damages or compensation costs that might
be awarded if you’re alleged to have given inadequate advice
- Services or produced work that has caused your client to lose money
- The cover can also be essential for companies that handle client data and are responsible for intellectual-property
Depending on your business, there are many times when
you might need professional indemnity insurance. Some examples include
situations involving:
Error – such as including factually incorrect information in a project you’ve
done for a client
Negligence – such as client work you’ve carried out that hasn’t met the specified
requirements, causing them to lose money or suffer an injury
Infringement – for example, an accusation is made that you’ve infringed a
competitor’s copyright
Breaching confidentiality – for instance, an employee sending out an email to a supplier that
contains confidential client information
You may also extend coverage to the following risks by adding additional
Premium
1. Libel and slander
2. Loss of documents
3. Dishonesty of employees
4. Consultants, Sub- Contractors and agents
5. Incoming and outgoing partners
6. Intellectual property
A professional indemnity covers the following professionals:
1. Doctors (Dentists, dermatologists, Radiologists, Surgeons, Pathologists,
ENT Surgeons, Pediatricians’ Surgeons, and General practitioners
2. Architects and Engineers
3. Accountants
4. Real Estate agents
5. Quantity Surveyors
6. Land Surveyors
7. Lawyers
