Professional Indemnity Select
Professional Indemnity Insurance covers the legal liability arising from professional services in the event that a third-party claims to have suffered a loss as a result of professional negligence by an insured.
Any business or person who provides services such as advice, design, or offers their skills or knowledge services in a professional capacity should consider taking out this insurance.Professionals may owe a duty of care to anybody who might reasonably rely upon the service or advice they have provided. Clients of these professionals expect high standards of service and are more inclined to resort to litigation when such standards have not been met.
Professional Indemnity provides protection against losses which are a result of the professional’s negligence. This can cover the actual loss (i.e. damages) or the costs that result in defending a claim that may not be successful. Either way this an essential risk management tool for professional companies for peace of mind, as well as giving consumer protection to their clients.
Key features of Professional Indemnity
- Dedicated policy wordings for professionals that traditionally require professional indemnity cover and one general policy wording for all other emerging businesses and professions
- Automatic Acquisition - cover can be automatically provided forwork in respect of any firm acquired during the policy period
- Joint Ventures - provides coverage for an insured's liability arising from professional services as part of a joint venture
- Loss of Documents - provides cover for the rectification costs of lost or damaged documents or data
- Mitigation of Loss (Architects, Construction, Engineers, Mediaand Technology only) – This cover enables the insured to resolve negligence issues which are indemnified by the policy without the requirement of an action being brought by a third party, reducing thecosts of a potential claim due to the lack of third party costs