Professional indemnity insurance is the financial supporter when your company is suffering from unforeseen problems such as damage to property, physical injury to any worker or third party. Professional indemnity insurance protects the business from liabilities arising from the customers due to your negligence or your company employees.
Professional indemnity insurance mainly covers the claim for violation of contract violation of trust, violation of fiduciary duty and perceived dishonesty. Besides this, it also covers legal cost incurred during a legal dispute between your company and the customer. It also handles the claims that are made against your product for being found faulty and harmful by the customer using the product. It provides coverage against the claim of any physical injury that may have occurred to the employee while working in the company. If death of an employee occurs at the work and the family members claim against the company, these claims are also handled by professional indemnity insurance. It covers the loss and damage of the business equipments during transportation.
Thus, professional indemnity insurance is the best financial coverage available when you are suffering from the above foreseen conditions.
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