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Professional liability insurance explained
Jul 21, 2020

All You Need To Know About Professional Liability Insurance

As an entrepreneur, it is a necessity to get financial support for your business. This is simply because of the fact that covering your business with a policy provides your assets and resources with the right security. One such type of general insurance policy that protects your business from errors and omission is the Professional Liability Insurance. So if you’re looking forward to safeguarding the essentials of your business venture, keep reading further to find out more:

What is Professional Liability Insurance?

Popularly known as indemnity insurance, this type of insurance works well for organizations which are into providing consultation as well as professional services to their clients. Additionally, liability insurance provides a hefty sum of compensation which helps businesses recover from past loss and failure provided they don’t have any pending lawsuits against them. Apart from the provision of sum insured there are a plethora of other benefits and features provided by this policy.

Take a look at the benefits and features of this policy:

❖ Criteria of eligibility

People with the following professions like Chartered Accountants, Engineers, Architects, Doctors, Management Consultants, Lawyers & Solicitors, Interior Designers, and so forth are eligible to opt for this type of insurance.

❖ Coverage

The trouble of negligence, omissions, and errors or any kind of damage to the third party is covered by professional liability insurance.

❖ Lower premiums

Certain factors like the past legal records, years of experience, and so forth so are taken into consideration that might eventually lead to lower premiums. The best way to do so is by avoiding risks at work.

❖ Group policies

When it comes to professional indemnity insurance, few companies allow group policies. Depending on the number of group members, the policy makes provision for coverage to their policyholders.

What is covered under the liability insurance policy?

The policy covers professional and financial damages undergone by business houses. In order to cover for these damages, one should invest in a professional liability insurance policy. However, the coverage depends on the insurance companies and their policies. Before investing in one, read the terms and conditions of the policy carefully. Here are a few of the usual circumstances that can be covered by professional liability insurance. Take a look:

1. Fraud and deceptive conduct

2. Defamation.

3. Defense costs associated with the claims

4. IPR breach

5. Misleading services or advice

Now that you know everything about a professional liability insurance policy, what are you waiting for? Purchase our plan today in order to keep yourself covered from any major loss from happening in the future.

For more articles on insurance, visit Bajaj Allianz Blogs

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