How Professional Indemnity Insurance Works
Professional indemnity insurance is offered to professionals who are interested in
protecting their reputation and financial future against potential risks. This type of insurance works by protecting the policy holder when he makes an error at work that in turn causes someone to suffer personal injury or loss of life.Indemnity insurance works by ensuring that the policy holder does not suffer due to errors made at work and that he is protected legally and financially when these errors are made. When the policy holder makes an error that costs someone his life or hurts the person in any way, then the insurance company ensures that the policy holder does not have to pay for claims from his own pocket. Generally all costs towards the claim, towards the investigation and towards legal action are taken care of by the insurance company.
There are various sub types of indemnity insurance and one of these sub types is known as error and omission insurance. Error and omission insurance is also known as malpractice insurance and this type of insurance is ideal for professionals who are held to a very high level of work standards. Civil liability insurance is another important sub type of indemnity insurance. Civil liability insurance protects policy holders when there is a breach of contract or when there is an instance of slander.
A few instances of problems that may occur at work due to errors include shipping products to the wrong address, making a mistake in an operation and making an error while creating a website for a client. Depending on the features and benefits of the policy, the policy holder may also be protected if he breaks the patient confidentiality rule and if he gives wrong advice that can harm his client in any way.
Professional indemnity insurance is ideal for people from various fields, however there are certain professionals that benefit the most from this type of insurance. Doctors, nurses, psychiatrists, lawyers, tax agents, real estate agents, social workers, swimming pool inspectors and consultants are most likely to benefit the most by opting for a good indemnity insurance policy. Before purchasing an indemnity policy, buyers should always ensure that the selected policy protects them against all potential risks, even those that may not be expected. Good policies offer maximum protection to professionals at all times especially when they need legal or other assistance from the insurance company.
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