Professional indemnity Insurance – Essential for Professionals

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Professional indemnity Insurance Essential for
Professionals

• Bajaj Capital Insurance Comprehensive Online
  Insurance Platform

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• As a professional, you have a duty to offer
  'reasonable skill and care', as part of the
  service you provide. If you fail to exercise this
  duty and are subsequently proven to be negligent,
  you may be liable for any losses incurred by your
  customers or other third party. Proving your
  innocence isnt cheap so in todays litigious
  climate it pays to be protected

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• Professional indemnity insurance is something
  that is often overlooked with devastating
  consequences unfortunately, no matter how good we
  are at our jobs or how good our attention to
  detail may be there is always the potential for
  small mistakes to be made.

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• Anyone who offers their knowledge, experience or
  skills as a paid service could benefit from
  professional indemnity cover. Its now a common
  requirement for many professions such as
  solicitors, financial advisors, designers,
  accountants, architects, insurance brokers,
  builders and PR and marketing consultants.

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• The policy covers all sums which the insured
  professional becomes legally liable to pay as
  damages to third party in respect of any error
  and/or omission on his/her part committed whilst
  rendering professional service.
• This type of cover could help protect you
  financially if you are faced with a negligence
  claim. If you make a mistake or offer flawed
  advice which has a negative impact on your client
  or customer, they may seek some compensation.

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Now these days most of the insurer in the market
will provide the cover against

• Neglect, error or omission including breach of
  contract
• Dishonest, fraudulent, criminal or malicious acts
  or omissions of any person employed at any time.
• Unintentional breach of, or unauthorised use of,
  confidential information, trade secrets, patents
  and copyrights of the systems or programs of
  third parties

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• The publication or utterance of a libel or
  slander.
• All costs, charges and expenses incurred in
  replacing or restoring any documents that have
  been lost, damaged, destroyed, mislaid, distorted
  or erased.
• The negligence of any specialist consultants or
  sub-contractors acting on your behalf or for whom
  you are responsible.
• Any retroactive cover for all work since the
  start of the policy.

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• Todays savvy consumer is highly aware of their
  legal rights and todays blame culture has been
  found to be largely responsible for the increase
  in claimants against a whole manner of service
  providers.

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• In Professional Indemnity policy, many insurers
  include a retroactive date within their policy.
  This covers for work completed during that period
  i.e. if you have 2 years retroactive cover, you
  will be covered against claims connected with
  work youve carried out during the previous 2
  years. This is an essential option if you have
  undertaken a lot of high-risk work in the past.

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• While professional indemnity may be compulsory
  insurance for some businesses, for others it
  gives significant peace of mind which is just as
  valuable.
• Ultimately, by preparing for a number of legal
  eventualities, it is a sensible way to ensure you
  are looking after the long term future of your
  business while protecting yourself at the same
  time.
• Dont leave yourself vulnerable make sure your
  business is protected with comprehensive
  professional indemnity insurance. Make sure any
  risks associated with being self-employed are
  fully protected.
• It is advisable that you examine the terms of any
  professional indemnity policy before you make a
  purchase as the extent of cover can vary between
  insurers.

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Bajaj Capital Insurance

• Where to start insurance can be confusing because
  so many options available in the market, how do
  you know which one is the best for you.
• That is where Bajaj Capital Insurance can help
  you by allow you a range of insurance policies.