Professional Indemnity Insurance

What is Professional Indemnity Insurance?

PLI (Professional Liability Insurance) is also known as PII (Professional Indemnity Insurance) or Errors & Omissions Insurance (E&O) (E&O). This is a type of liability insurance that protects people from professional risks and associated legal costs. It provides indemnification in the event that a third-party suffers injury, harm, death, or property damage as a result of the insured’s professional service or advise. The most prevalent grounds for legal action against professionals are negligence or malpractice.

Professionals such as lawyers, doctors, architects, Chartered Accountants, and other professionals, as well as professional organizations and entities such as hospitals, law firms, and BPOs, can usually benefit from this insurance policy.

Am I eligible for Professional Indemnity Insurance?

Medical establishments, doctors and other medical practitioners, architects, engineers, interior decorators, advocates, lawyers, counsels, solicitors, financial accountants, Chartered Accountants, management consultants are mainly covered under this policy.

So if you are one of the above mentioned practitioners, you are very much eligible to avail this insurance plan.

Why do you need it?

You could be a recently graduated professional or a seasoned one. Even if it was not an error, you may still be accused, or you could have acted as a Good Samaritan.

You may be held accountable as a professional. Professional Indemnity Insurance package protects you from all of these risks in the event of your negligence or any allegation relating to your professional services. It will pay for legal fees if a case is filed. When appropriate, it will pay settlements and awards.

What are the key benefits of Professional Indemnity Insurance?

The key benefits are as follows: –

Designed specifically for the needs of various professionals and professional services

Comprehensive protection against a variety of threats

Provides for legal fees and costs undertaken with the insured’s prior consent.

Documentation that is hassle-free

Allows for a mid-term increase or decrease in the sum covered.

What all are excluded from the Professional Indemnity Insurance coverage?

The policy doesn’t cover the following: –
·        Any illegal act, as well as any act in violation of a law or ordinance
·        While under the influence of intoxicants or narcotics, services are given.
·        Public liability for a third party
·        Any AIDS-related or AIDS-related ailment
·        Libel, slander, false arrest, unlawful eviction, wrongful detention, defamation, and other personal injuries, as well as the resulting mental injury, grief, or shock
·        Plan infringement, copyright infringement, patent infringement, trade name infringement, trade mark infringement, and registered design infringement
·        Assumed by the insured by agreement and would not have applied if the agreement had not been made.
·        Noncompliance with any law provision that is deliberate, wilful, or purposeful.
·        Non-compliance with technical norms widely observed in professional practise, as well as those established by legislation or regulated by government agencies.
·        Pure financial losses, such as loss of goodwill or market share
·        Any act or omission that is dishonest, fraudulent, criminal, or malevolent.
·        Penalties, fines, and punitive or exemplary damages.
·        Professional services provided by the Insured before to the Schedule’s Retroactive Date.
·        Intentional or deliberate neglect by the insured’s technical or administrative management of the duty to take all reasonable precautions to avoid claims.
·        Injury to any individual under a contract of employment or apprenticeship with the insured, their contractor(s), and/or Sub-Contractor(s), arising from the performance of such contract.
·        Nuclear dangers and war