Indemnity insurance offers protection to the insured against financial losses resulting from professional negligence. Similar to other forms of insurance, it entails the insured paying regular premiums in exchange for coverage. One such policy is professional indemnity insurance, designed for professionals to provide coverage in cases of errors, omissions, or misjudgments. This type of insurance assists companies in managing legal expenses and settlement costs that may arise as a result.Read more
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Here are the types of Indemnity Insurance:
Professional indemnity insurance is usually purchased by individual professionals such as doctors, architects, chartered accountants, etc. This policy provides financial coverage for the perils specified in the policy in case these professionals make any mistakes while performing their duty that causes loss to their clients and that client files a case against them in a court of law.
Errors & Omissions insurance policy is usually purchased by companies for their employees. This policy offers financial coverage for the specified risks mentioned in the policy if any employee of the company commits any errors while carrying out their duties, resulting in losses for their clients, and the clients decide to take legal action against them in court.
Here are some of the features of indemnity insurance:
Here are some of the factors that affect indemnity insurance premium:
Here are a few reasons to buy indemnity insurance such as professional indemnity and errors & Omissions insurance from Policybazaar:
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