Professional indemnity insurance is a kind of liability cover that provides the insured, a protection against any negligence or a wrong service provided by you as a professional. It also saves you from any claims made by people against you which might result in major financial loss for you and your company and damage your reputation too. The professional liability insurance also covers the entire legal fee as a result of hiring a legal professional and defending your case in the court of law.
There are a lot of reasons due to which a claim can be filed against you as a professional. A dispute can arise because of your negligence or omission of error and the client can file a claim against you which can result in huge financial losses for you. A claim can also be filed against you in case of unintentional breach of intellectual rights like property rights, copyrights, trademarks etc and also if you end up losing and of the clients’ original and important documents or data. Even if the data I damaged, lost or stolen while in your possession, you can be held liable for them. A breach of confidence can also result in claim filed against you. These are a few situations whenprofessional liability insurance can really help you and bail you out of the unwanted situation and save you from bearing huge losses for your company.
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