What does a professional indemnity cover?

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

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