Professional Indemnity and Directors & Officers Liability
If you sell your knowledge or skills it is important to be covered by professional indemnity insurance. Indemnity cover protects you from legal liability for a financial loss suffered by a third party following your neglect, error or omission. Indemnity cover includes the costs of defending any action.
Indemnity cover is not only for traditional professions such as lawyers, accountants and insurance intermediaries but also for
- Computer consultants
- Recruitment consultants
- Media consultants
- Contractors and allied building trades
- Training organisations
- Travel agents
- Financial advisers
- Event organisers
- Other professional services
- Your potential liability for professional services rendered extends for a considerable time after completion
When considering professional indemnity insurance it is worth noting that because there can often be a long delay between an event and a subsequent claim, you need to be covered both at the time of the event and when the claim is made. So if you plan to cancel your policy when you close your business or retire you may need to arrange "run off" cover for a period of time afterwards.
Many directors spend considerable time and resources in protecting the assets and liabilities of their limited companies. Some do not realise that as a director or officer of a company they incur unlimited liability for their actions in connection with the business. Directors and Officers liability cover protects all directors (past, present and future if required) and employees from any personal liability that they may incur.
Business in India is governed by local laws and international statutes when contracts are undertaken across international borders. Professional Indemnity and Directors and Officers cover is now essential protection for all managers and business professionals.
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