Professional indemnity insurance is important for all whomever engaged in selling their professional knowledge and expert opinions. Anyone from accountants, lawyers, doctors, creative people, artists, freelancers, IT professionals, managers to scientists – professional indemnity protects everyone. In fact, countries like UK and Australia have strict laws that require a professional to have a indemnity insurance policy before start practicing as a full-time professional.
The insurance policy provides financial protection to professionals against any kind of a third party claim for loss or damage caused to clients by availing professional services. Besides providing claims for potential claims like negligence, errors, omissions, insurers also provide indemnity for a variety of other reasons as well. Some of the important reasons involve breach of contract, client dissatisfaction, financial damages by a client and such others.
The insurance policy provides financial protection to professionals against any kind of a third party claim for loss or damage caused to clients by availing professional services. Besides providing claims for potential claims like negligence, errors, omissions, insurers also provide indemnity for a variety of other reasons as well. Some of the important reasons involve breach of contract, client dissatisfaction, financial damages by a client and such others.