Indemnity Insurance

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.

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Types of Indemnity Insurance

Here are the types of Indemnity Insurance:

  1. Professional 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.

  2. Errors & Omissions Insurance

    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.

Features of Indemnity Insurance

Here are some of the features of indemnity insurance:

  • Financial protection against claims or legal actions.
  • Covers legal expenses, settlement costs, and awarded damages.
  • Tailored coverage for businesses of all sizes.
  • Peace of mind knowing your organization is protected.
  • Mitigates risks associated with professional services.
  • Allows you to focus on your work without constant worry.

Factors that Affect Indemnity Insurance Premium

Here are some of the factors that affect indemnity insurance premium:

  • Profession or Industry: The nature of the profession or industry plays a significant role in determining the risk level. High-risk professions, such as doctors, lawyers, and engineers, may have higher premiums compared to lower-risk professions.
  • Coverage Limit: The higher the coverage limit or the maximum amount the policy will pay out in the event of a claim, the higher the premium is likely to be.
  • Claims History: A history of previous claims can increase the perceived risk, leading to higher premiums. Conversely, a clean claims history may result in more favorable premium rates.
  • Business Size: Larger businesses with higher revenue or a larger client base may face higher premiums due to increased exposure to potential claims.

Why buy Indemnity Insurance from Policybazaar?

Here are a few reasons to buy indemnity insurance such as professional indemnity and errors & Omissions insurance from Policybazaar:

  • Rapid Insurance Quotes: Obtain prompt quotes from reputable insurance providers.
  • Round-the-Clock Claim Support: Access 24/7 assistance for making claims.
  • Multichannel Expert Help: Get expert guidance through various communication options like phone calls, emails, WhatsApp, video conferences, and more.
  • Dedicated Relationship Manager: For Property and Liability insurance, a dedicated relationship manager is available to address service-related inquiries.

Indemnity Insurance: FAQs

Professional Indemnity Insurance Articles
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