Errors and omissions insurance offers worldwide cover including in the U.S. and Canada. Any claim arising due to work done around the world will be covered thus protecting your business worldwide.
Professional indemnity insurance offers coverage for a range of risks associated with your profession such as loss of data or documents and breach in confidential information which may result in legal proceedings
Professional indemnity insurance offers protection to sub-contractors, consultants and other contractual staff. A company’s subsidiaries, current and past employees are also covered under the insurance.
The premiums for professional indemnity insurances are reasonable.Premiums depends on the coverages taken when designing the insurance.
Range of Risks Covered
Errors and omissions indemnity policy covers the company or an individual against litigation filed by a third party for financial loss during the course of providing services.
Infringement of intellectual property including copyright, trademark and any trade secret is covered.
Claims related to misuse or misselling of any information that is either confidential or subject to restrictions is also covered.
Financial Protection to Business
Professional indemnity insurance for business will cover litigation costs arising out of a case filed by the 3rd party. It covers compensation determined, as payable to third parties, by the courts.
PI insurance policy also cover claims against the estates and legal representatives of the insured.
E&O insurance will cover the claim upto the full limit of indemnity, if the AOA:AOY is 1:1.
Other additional extensions available under indemnity insurance are defamation cover, libel and slander, and cover for employee dishonesty.
All claims based on incidences that took place after the retroactive date are covered. This is the date that the first indemnity insurance was bought, provided renewals have been timely.
Option to customize territory and jurisdiction as per requirement is also possible.
What does an errors and omissions insurance cover?
Errors and omissions insurance, also known as professional liability insurance covers the insured against any litigation resulting due to professional negligence, errors and omissions in service, or any wrongful act. Policy will indemnify the cost involved in legal liabilities such as defence cost, judicial rewards and settlement costs.
What is copyright infringement?
Copyright infringement means using any copyrighted work of an individual or a company without their permission. Errors and omissions insurance has add on cover called IPR infringement which covers the claim arising from the violation of copyright law, which can be due the use of images, slogans, designed work, research, without the permission of its owner.
Which kind of expenses are covered under defence costs?
Errors and omissions policy will pay for the costs, fees and expenses incurred during investigation and trial period. It would include lawyer and legal representative fees and in some case settlement costs. Expenses of your representation at court, inquiry or any other proceeding which have direct relevance with any claim arised is also covered under liability insurance
What is not covered under professional indemnity insurance?
Any criminal, intentional, fraudulent, willful and malicious activities are not covered under the professional indemnity insurance. Also, bodily harm to any person and damage to the property is also generally excluded from the policy. Further, punitive fines, penalties or damages are not covered. Lastly, claims occurred prior to policy period are also excluded from the policy.