Professional Indemnity Insurance is also known as Professional Liability insurance, and this is a liability insurance cover which protects an individual from any legal expense or risks during a causality. An indemnity is provided to in case of harm, injury or damage due to any service and most of the causes for professionals were seen due to malpractice or negligence, which had taken them to court even.
In most of the cases, this type of insurance policy is taken by Lawyers, Architects, Doctors, CA and such kind of professional’s peoples, and the same is also applicable to hospitals, law firms, BPOs etc and there are many companies which provide Professional liability insurance based on the liabilities advised.
Benefits of Professional Indemnity Insurance
These are some basic features that are covered under Professional Indemnity Insurance and thus any professional individual or company can avail this feature as agreed with the insurer.
- Cover: They cover legal liability which is caused due to negligence, omissions, errors of service or by third party damage, where court fees and death of third party due to professional neglected will also be covered
- Group Policies: This is also applicable for indemnity cover members to cover and based on the members in the group, the premium amount changes and the cover amount too. Increase in members of the group will increase the premium amount and insurance cover.
- Defence Expenses: All charges and fees applicable due to defence under court due to loss in business or entity will be covered through Professional Indemnity Insurance.
- Exclusion: The civil liabilities cover is also covered under Professional Indemnity Insurance and thus if any claim arises due to criminal act will not be covered under cover
List of Companies that provide Professional Indemnity
Here is a list of some top companies that offer Professional Indemnity Insurance to individuals and groups, under different policies. Have a look at them and opt one to proceed to avail.
New India Insurance: New India Insurance offers the Professional Indemnity Insurance policy to professionals, and they offer financial protection to individuals and groups in case of legal liability. Civil liability claims are covered under this process and any arises due to negligence or death or harm.
Reliance General Insurance: The company offers Rone of the most popular entity with various options in this insurance policy, and alll expenses related to legal issues which arose due to professional service providers are covered, and after a midterm has met, the sum assured for an entity or individual of professional status can be increased or decreased.
United India Insurance Company: This company provides Professional Indemnity Insurance to Doctors, Engineers, lawyers and CA who have also established their respective hospital and different streams, and the policy period is 12months.
ICICI Lombard: They offer special policy for doctors and they cover legal cases arising due to death or patient or any such similar causality, and based on the premium amount selected the cover to indemnity and risk group is taken, where the policy is only limited to Indian jurisdiction and thus no cover can be seen from outside.
- Why to opt for Professional Indemnity Insurance?
As professionals come across huge risk due to their any kind of profession, the means to cover their legal is most important, and thus, any professional who is leading an individual or group must have a Professional Indemnity Insurance policy cover.
- Will Professional Indemnity Insurance be covered Outside India?
To check the boundaries of Professional Indemnity Insurance, individuals should check with the insurer about the boundary limitations, and Most companies only provide this policy for country boundaries only and to add extra cover outside India, they should opt add-ons if provided.