What is Professional Indemnity Insurance?
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It’s a good news, bad news situation. The bad news: Lawsuits, once a measure of last resort, are now commonplace in settling disputes. The good news? You can protect yourself, and your business and reputation, by investing in errors & omissions/professional liability coverage, also known as professional indemnity insurance.
How does Professional Indemnity Insurance Compliment Liability Insurance?
Professional indemnity insurance is supplementary liability insurance that enhances any business owner’s policy by safeguarding against catastrophic loss in the event of a lawsuit due to a negligent act, error or omission by the professional for a service performed for a fee. In addition to claims of error, omission, or negligence, professional indemnity insurance can also protect against slander, libel etc.
Who Needs Professional Indemnity Insurance Coverage?
It is appropriate coverage for anyone who gives advice, makes educated recommendations, designs solutions, or represents the needs of others. Service professionals, such as accountants, computer consultants, software developers, planners, architects, real estate agents, contractors, etc., are prime candidates for carrying Professional Indemnity insurance.
Specialized forms of Professional Indemnity coverage are also available to professions such as appraisers, mortgage brokers, insurance brokers, home inspectors and notaries. Policies are designed to cover the legal defence costs that are incurred trying to prove liability or innocence. They also ultimately cover the final judgment or settlement if the business owner does not win the lawsuit.
There are many different forms of professional liability insurance and multiple factors to consider when purchasing professional indemnity coverage for your business. Because there isn’t a standard policy, an experienced agent who understands your company and can knowledgeably design a policy to meet your needs is invaluable. Call us today at 1-866-287-0448 to learn how Professional Indemnity insurance fits into your total risk management program or connect with us today at www.alignedinsuranceinc.com
|ALIGNED Across Canada 100% Canadian owned, ALIGNED is a premiere insurance brokerage that serves more than 1,400 clients across the country. ALIGNED’s offices in Toronto, Calgary and Vancouver are supported by a national operations centre in Cambridge, Ontario. Uniquely within the industry, ALIGNED creates, negotiates and delivers the best business insurance and risk management strategies/solutions to organizations like yours.|