Five smart things to know about professional indemnity insurance

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Five smart things to know about professional
indemnity insurance
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1) Professional indemnity insurance is required
for qualified professionals like doctors,
engineers, architects, lawyers and chartered
accountants
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2) It assures them towards any financial loss
resulting from a claim due to unintentional
errors and omissions committed by them while
rendering professional service.
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3) For this insurance to kick in, the condition
is that the loss must be to a third party who has
suffered bodily injury or property damage
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4) Only civil liability claims are covered and
any liability arising out of any criminal act or
act committed in violation of any law or
ordinance is not covered.
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5) Professional bodies such as medical
establishments, law firms, IT companies or
financial institutions can also be covered.
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