Professional Indemnity Insurance Policy (Errors and Omissions)
- Professional Indemnity Insurance also called as Errors & Omissions Insurance provides protection against negligent services or failed to provide the services or the services did not have the expected or promised results.
- In other words, it protects from the legal action taken for the losses incurred because of the advice provided.
- It provides protection if your client suffers loss – either material, financial or physical directly attributed to negligent acts.
- Apart from Business Establishments, the policy has been popular among Lawyers, Doctors, Accountants, Architects, Engineers, Consultants etc.,
- The policy also pays for legal expenses incurred with the prior consent of the insurance company.
Alternatively, this policy is available as Information And Communication Technology (ICT) Liability Insurance:
- ICT means any computer equipment / hardware / software / firmware sold, manufactured, produced, installed, repaired, serviced, treated, supplied, distributed, licensed or shared by professionals.
- Any service, advice or work provided by professional in relation to above are also a part of ICT