What is Professional Indemnity Insurance?
The most often cited cause of business litigation concerns accidents in the workplace. Business owners asking the question “What is professional indemnity insurance?” can be at risk of great losses due to lawsuits.
This insurance covers those instances in which a business, employer or employee cause harm to a client or other third party (or their property) through some negligence. Without such cover, a company may end up with hefty legal fees and awards of damages that they can't afford. In extreme cases, this can even threaten the survival of the business.
Monthly premiums for indemnity insurance vary mainly due to the type of business, the number or clients and the level of risk preceived by the insurance company.
