Professional Liability Insurance for the Self-Employed and Independent Contractors

One of the most significant risks that self-employed individuals and independent contractors face is the risk of legal action. This can come in the form of negligence, malpractice, or misrepresentation, which can lead to costly legal fees and financial losses. Professional liability insurance for self-employed and independent contractors is an essential tool. As it helps and protects them against financial losses resulting from legal disputes.

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Need of PI for Self-Employed and Independent Contractors

Self-employed and independent contractors are at a much higher risk of legal action than employees of a company. This is because they are not protected by the same legal structures and protections that employees are covered with. Without professional liability insurance, a self-employed or independent contractor could be held financially responsible for any legal costs resulting from a dispute.

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This coverage is only for following professionals:

  • Doctor/Medical Practitioner
  • General Physician
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This can lead to financial losses that can put their entire business at risk. Professional indemnity insurance provides a safety net to protect them from these financial losses and can help them to continue operating their business.

Legal Coverage

Professional indemnity insurance can cover a wide range of legal actions, including:

  • Negligence: This covers any legal action resulting from a mistake or error made by the self-employed or independent contractor. For example, if a self-employed individual provides incorrect advice to a client and it leads to financial losses, they may be held liable.
  • Malpractice: This covers any legal action resulting from a failure to follow professional standards or guidelines. For example, if an independent contractor fails to follow building codes and regulations and it leads to injury or damage, they may be held liable.
  • Misrepresentation: This covers any legal action resulting from false or misleading information provided by the self-employed or independent contractor. For example, if an independent contractor provides false information to a client, they may be held liable.

Additionally, professional liability insurance can also cover legal fees, court costs, and other expenses associated with a legal dispute. This can be a significant relief for self-employed individuals and independent contractors as these costs can be substantial and can put a strain on their finances.

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Cost of Professional Indemnity Insurance

The cost of professional indemnity insurance will vary depending on the type of work the self-employed or independent contractor is doing, their level of experience, and the type of insurance they choose. Some insurance providers offer customizable plans, which can be tailored to meet the specific needs of the self-employed or independent contractor.

The cost will also depend on the amount of coverage needed and the level of risk associated with the work being done. It is important to note that while the cost may seem high, it is a small investment compared to the potential financial losses that can result from legal action.

Conclusion

Self-employed and independent contractors are at a higher risk of legal action than employees of a company. Professional liability insurance is an essential tool for protecting themselves against financial losses resulting from legal disputes. It can cover a wide range of legal actions and is an important investment for any self-employed or independent contractor. The cost of professional indemnity insurance will vary, but it is an important consideration for anyone in this line of work.

Written By: PolicyBazaar - Updated: 17 November 2023
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Policybazaar for Business - Professional Indemnity Insurance - Customer Reviews
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4.5 April 24, 2023
Harshit
Helpful Purchase
Profesiona Indemnity Insurance has been a game-changer for my consultancy business. It has given me the confidence to take on new projects and expand my services, knowing that I have robust coverage in place.PolicyBazaar has been fantastic in answering my questions and tailoring the policy to my specific needs.Thanks PolicyBazaar.
Pune
3.5 April 12, 2023
Bhavesh
Amazing Deals
I recently purchased Professional Indeminty Insurance from PolicyBazaar and the claims process is smooth, and has always been prompt in resolving any issues or concerns I've had. I appreciate the reliability and professionalism they exhibit.
Howrah
3.8 March 31, 2023
Bhuvan
Online Purchasing
Profesional Indemnity Insurance has been a lifesaver for my business. It offers comprehensive protection against any claims that may arise from errors or negligence on my part. The claims process was straightforward, and they handled everything efficiently. I highly value the peace of mind this insurance provides and would recommend it to any professional.
Madurai
4.3 March 13, 2023
Atif
Impressive Features
I had an excellent experience while buying Personal Indemnity Insurance. It was quick and easy to get a quote online and the premiums were quite affordable. The policy covers all the essential aspects, and the customer service team was responsive and supportive. I feel much more confident in my work knowing that I have this coverage
Agra
3.8 March 01, 2023
Tejas
Helped To Secure Confidential Data Of Company
As a Owner I had a high risk of loss of confidential data. Then my colleague suggested me go for PI Insurance at PolicyBazaar. So I visited their website and contacted the team. They answered all my queries, and when I got satisfied with the plan, I made a purchase. Thanks, PolicyBazaar.
Nashik
4.3 February 17, 2023
Ankita
Covers Legal Expenses
There was a party that made a claim against us for professional negligence by one of our employees. Thanks to PolicyBazaar which helped me protect our financial position and helped us during the claim process that covered our Legal expenses and Settlement cost. Highly Recommend this.
Allahabad
4.3 February 05, 2023
Monika
Covers The Risks
I bought Professional Indemnity Insurance from PolicyBazaar, as I was looking for insurance that could mitigate my risk associated with several professional services. Thanks to PolicyBazaar. It was worth buying. Highly Recommend it.
Jamshedpur
4.3 January 24, 2023
Riya
Helps Me To Focus On My Work
I was always concerned about my organization in order to safeguard against potential liabilities and unforeseen circumstances that could arise from professional negligence. So I bought PI Insurance at Policybazaar and found it good as it helped me to focus on my work without worrying about financial repercussions. So thanks to PolicyBazaar.
Vadodara
3.8 January 08, 2023
Shreya
Amazing Deals
I bought Professional Indemnity Insurance from the PolicyBazaar website and found it suitable for my business. I run a small company. I got terrific Deals at PolicyBazaar. It was an excellent Purchase. Thankyou PolicyBazaar.
Ludhiana
4.3 December 14, 2022
Doctor Vishal
Covers Professional Negligence
As a Doctor, I was searching for Professional Indemnity Insurance that could provide me coverage against claims for Negligence in my services. Then I visit PolicyBazaar Website. There I came across several benefits. So I made the purchase there. Thanks, PolicyBazaar.
Kochi