Professional Indemnity Insurance

This insurance protects various professionals like accountants, engineers, architects, lawyers, and medical practitioners from financial losses due to malpractice lawsuits.

Coverage

  • Legal fees
  • Damages awarded to the client
  • Costs of defending the claim

Costing

  • The insurance cost depends on business size, type, coverage level, and risk profile
  • Despite variations, this insurance is relatively affordable

Key Terms

  • Malpractice: Professional misconduct or wrongdoing that results in harm to a client
  • Claim: A legal action that is brought against a professional for malpractice
  • Indemnity: The act of compensating someone for a loss or damage
  • Policy: The document that outlines the terms of an insurance policy

Points to consider

  • Engage an experienced broker with expertise before making a purchase
  • Carefully review policy terms to ensure understanding of included coverages and exclusions

Claim Process

1

Incident notification

2

Assignment of claim handler

3

Documentation and information gathering

4

Investigation & Assessment

5

Coverage determination

6

Claim settlement/negotiation

7

Claim resolution

8

Thank You

Note: The claims process can vary depending on the specific circumstances and the policies.

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P&L(Preferable in excel format)