PROFESSIONAL INDEMNITY COVER EXPLAINED

Professional Liability

If you are in a line of work that involves dealing with the public, you can be sued for professional negligence or for failure to provide the quality of service promised. For instance, a doctor with a private practice can be taken to court for erring or malpractice during an operation.

Liability Insurance provides protection against errors and omissions of the insured that result in a loss to others (in insurance parlance, the "third party"). It reimburses the insured for all damages payable, as decided by a court of law, as well as legal costs incurred in fighting the case.

Professional Liability Cover is a must have if you are self-employed or run a business. This protects you and your employees from work-related mishaps that result in a loss to others. This cover is of use to doctors, architects, engineers, lawyers, chartered accountants, consultants and other professionals.

The premium payable under the policy depends on your field of specialisation and the sum insured. The premium will also depend on your volume of work, number of clients and Turnover/Total Fees charged.