Professional indemnity insurance is created for a company, individual or organization that offers design work, advice or other types of professional service. This kind of insurance covers your business and you, especially if damages come against you due to neglect and errors of professional judgment that come from a third party—the party where you have a duty to perform.
Where Professional Indemnity Insurance is Needed
Some of the danger areas for businesses where professional indemnity insurance would be needed are: dishonest financial transactions with a client, lost or stolen documents that belong to your clients and abusing copyrights, broadcasting rights, trademarks, etc.
When purchasing professional indemnity insurance there are many details and factors to consider before choosing a policy. Such factors to consider are the following: Size and type of the business, the total amount of damages that could be held against you, and if the limit of indemnity will cover necessary court costs or if these costs are included in your policy.
What Are the Provisions
This type of insurance will protect you should there be an error in the services you provide–services that may end up in a dispute. It will also protect you should you lose or damage your client’s documents. And, this policy will cover the amount needed to fix mistakes that occur from your actions and help avoid a large claim. In addition, other benefits from this insurance includes access to particular legal teams to help your defense in court, protect your reputation and avoid large legal costs to your business.
It is advised to purchase as much coverage as you can afford. Because each business is different in its insurance needs, evaluation and time need to be given on how much coverage should be purchased.
The Professional Indemnity Quote
In order to receive a professional indemnity quote you must first choose the type of insurance you need at Slot88, compare insurances and then fill out an insurance form quote.
The insurance for quote will need the following information: the limit of indemnity needed, any professional indemnity insurance you already may have, the nature of activities that your business performs, your resume, contact number, email address and any other information that will help the insurance company with your inquiry.