Professional Indemnity Insurance also called Errors & Omissions Insurance provides protection against negligent services or failure 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 a 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 the above are also a part of ICT