NEW PROPERTY & CASUALTY INSURANCE

ProfessionalIndemnityInsurancePolicy
WhatisthePI
Professional indemnity insurance can help protect the company if claims are brought against you by a client due to a problem with work that has been done for them. Professional indemnity policy will offer cover for compensation company may need to pay to correct a mistake or cover any legal costs due to negligence, such as giving incorrect advice or making a mistake in work.

Why Professional Indemnity

Below we list some of the danger areas where business could be exposed to: 1. Negligence: or breach of duty of care 2. Intellectual property: unintentionally infringing on others copyrights, trademarks, broadcasting rights, any act of passing off 3. Loss of documents/data: damaged, lost or stolen data and documents belonging to your clients 4. Dishonesty: liability arising from the theft of your clients money

Who should buy, if you 1. Provide advice to your clients 2. Handle data belonging to a client or business 3. Are responsible for a clients intellectual property 4. Provide a professional service and could be challenged on your work. Company may feel confident in the quality of work done, but any small business is vulnerable to a claim of negligence when professional advice or services fail to meet a clients expectations and cause financial loss. Policy Covers Includes
Malpractice Defamation Product liability Premises liability Vicarious (employee) liability

What is Paid Cost of Defense Judgment of Settlement Other related expenses Deciding the Sum Insured No two businesses are the same and there is no single amount of cover that suits all. Nobody knows business and the exposure it faces better than a person running it. It is advisable to buy as much cover as one can reasonably afford. Often, client will set a minimum limit of the indemnity they require. This can depend on the specific nature of the services contracted to provide, or they could have a set limit for all their service providers. Types of Policies:
1. Occurrence Based: covers all omissions during the period premiums were paid, even if the case is filed after payments have stopped Claims Made: only covers claims made while premiums are being paid

For More Details Please Contact

NEWPROPERTYCASUALTY@GMAIL.COM KHRISTYHITESH@GMAIL.COM