Professional Indemnity Insurance: Helping You To Protect Your Business Interest

Business and risk go hands in hands. And, when the venture is advisory in nature, the risk aspects become manifold. Your client can claim for compensation due to any sort of omission, error, mistake or breach of contract on your part. Any damage (financial or image) to the client can cost you financially. In this situation, professional indemnity insurance helps a lot by minimizing your risks. Professional indemnity insurance covers you if there is a compensation claim made by the client for your faults.

Professional indemnity insurance helps you in case of negligence/breach of duty, unintentional infringement of intellectual property right, loss of document/data, and any sort of mistakes while dealing with the client. The insurance company bears the court fees (no matter whether you win or loose) if the client goes to the court of law. However, most of the professional indemnity insurers go for fixing the problem and help you to avoid any large claim from the client's side. They negotiate with your clients out of the court and help both parties from wastage of money and time in lengthy legal procedures.

Different businesses need different amount as the coverage. The amount you should insure for coverage depends upon your scale of operation and exposure. If you have offshore operational base, you need to opt for an insurance company that offers offshore coverage. The insurance company you are opting for needs to have an industry-specific approach and potential to protect your reputation and bottom line. You can buy the professional indemnity insurance policies in both offline and online manner. However going for the online option, saves a lot of time and makes the whole process of buying faster.

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