Who Needs Professional Indemnity Insurance (or PI Insurnace)? People who work in service-related occupations, such as architects, financial planners, investment bankers, accountants, engineers, IT professionals, doctors, and medical professionals benefit the most from professional indemnity insurance, otherwise known as PI insurance. A Preventative Measure PI insurance is a preventative measure against lawsuits that arise as the result of the negligence of a professional or someone on his staff. The policy covers the professional or his [...]
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Professional Liability Insurance Covers Claims Made During the Time the Policy is in Force Professional liability insurance, or insurance protection for professional neglect or errors and omissions, is generally set up so that claims filed during the policy period are paid. Therefore, claims that arise at a time before the insurance was in force might not be covered. However, some liability plans do provide for protection by including a retroactive date in the terms of [...]
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Don’t buy any Insurance until you do Some Research Whether you are a professional, such as a lawyer or accountant, or work as a subcontractor in the construction field, you can’t overlook the importance of professional indemnity insurance (also referred to as errors and omissions insurance). You’ve worked hard to establish yourself in your profession, so errors and omissions insurance (or E&O insurance) is necessary coverage. Therefore, when you are considering purchasing a policy, you’ll [...]
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Don’t Risk your Practice or Reputation Not even the most committed professional is immune from liability. Therefore, make sure you are covered from any claims arising from an unhappy customer or client by taking out professional indemnity insurance. Probably, the most well-known professional indemnity insurance coverage is medical malpractice insurance. This type of coverage is often expensive. However, not purchasing insurance coverage can be even more costly as you stand to lose your practice and [...]
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Regardless of whether you Work at Home or for a Major Company, Professional Liability Insurance is Necessary Coverage It doesn’t matter if you are a small business or a major company – if you work in any field where you offer advice or professional services, then you need professional liability insurance coverage. The insurance, which is also referred to as errors and omissions insurance, is crucial for any professional in protecting himself against any claims [...]
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The Difference between General Liability Insurance and Professional Liability Coverage Professional businesses need both general liability insurance as well and professional liability insurance, also popularly known as errors and omissions coverage (or E&O insurance). While general liability is purchased to cover third-party property damage or bodily injury claims on the premises of your business, professional liability insurance safeguards you against any negligence on your part in providing professional services. Paying Claims General liability insurance then [...]
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A General Definition If you are in a professional job, such as a doctor, lawyer, architect, or accountant, then you will, no doubt, need liability coverage. Professional liability insurance, also known as professional indemnity insurance, is designed to cover a professional person against any alleged negligence in the execution of his duties. Besides the aforementioned occupations, professional liability insurance or professional indemnity coverage also protects individuals working in the fields of engineering, education, and a [...]
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Reviewing the Protection While some employers will supply professional liability insurance to their professional employees in case third-party claims are made against them for errors and omissions or negligence, the limits set for the coverage may not be adequate. In addition, you may not have sufficient coverage to provide you with reimbursement for lost wages, including any costs associated with your legal defense. Coverage should also provide protection for any claims made after an insured [...]
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Errors and Omissions Coverage Professional indemnity insurance is provided for certain professionals in one of two forms. Errors and omissions insurance is taken out by legal, real estate, engineering, architectural, and financial professionals to safeguard them against allegations of negligence. Therefore, it’s often purchased by lawyers, stockbrokers, insurance agents, and real estate agents. A Popular Type of Professional Indemnity Insurance – Medical Malpractice Insurance Medical malpractice insurance is the most recognized type of professional indemnity [...]
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Professional indemnity insurance is insurance protection that is offered to individuals, such as physicians, who stand a higher chance of being sued because of their profession. It is often referred to as professional negligence or professional liability insurance. Besides physicians, other professional people who can benefit by taking out professional indemnity insurance include: Attorneys; Real estate agents; Stockbrokers; or Insurance agents If you work in an occupation where you could be found guilty of malpractice [...]
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