Errors And Omissions Insurance
For protection if your services don’t match customer expectations
When is this useful?
Professional Indemnity Insurance or Errors and Omissions insurance: Because to err is human, to be prepared sensible.
Professional Indemnity Insurance, or Errors and Omissions Insurance, is your safeguard against potential legal claims arising from your professional services. It covers costs related to defending against negligence claims made by a client, and damages awarded in such a civil lawsuit.
Professional Indemnity Insurance, or Errors and Omissions Insurance, is your safeguard against potential legal claims arising from your professional services. It covers costs related to defending against negligence claims made by a client, and damages awarded in such a civil lawsuit.
What is professional indemnity insurance?
Professional Indemnity Insurance, also known as Errors and Omissions Insurance, is your safeguard against potential legal claims arising from your professional services. It covers costs related to defending against negligence claims made by a client, and damages awarded in such a civil lawsuit. E&O Insurance is a crucial safety net for all professionals, protecting your business against financial risks arising out of negligence, errors and omissions, unintentional breaches of contract, or failures to render Professional Services to a party.
Why do you need professional indemnity insurance?
Claim Protection
You're covered from legal costs and damages arising from professional negligence
Financial Stability
Protects your financial status against potential high-cost claims
Client Confidence
Increases client trust knowing their interests are protected
Contract Requirement
Satisfies contractual obligations which could be deal breakers for the client
Peace of Mind
Lets you focus on your work, with the confidence of being protected
What does professional indemnity insurance cover for Indian companies?
Legal Expenses
Covers costs of defending against claims, including court and attorney fees
Professional Mistakes
Addresses claims arising from professional errors or omissions
Negligence Claims
Protection against accusations of negligence in performing professional duties
Breach of Duty
Provides coverage for unintentional breach of duty, confidentiality, or trust
Intellectual Property
Covers unintentional infringement of intellectual rights
Loss of Documents/Data
Covers losses related to client data or documents
Who should buy professional indemnity insurance?
New startups
This cover is especially important in the nascent stages of your business where risk appetite is lowest. The smallest of interruptions in the form of Errors and omission claims can wipe out your business even before it takes off. With E&O cover, you’re protected from potential claims, allowing you to focus on business growth.
Growth Stage
As you expand your client base, the risk of potential claims increases. Professional Indemnity Insurance provides a safety net, allowing your business to grow with confidence. In many instances, having this protection in place will make you a preferred partner/vendor to your customers, especially ones based out of developed economies.
Large Entities
For established firms, the volume of work can lead to unintentional errors. A robust Professional Indemnity Insurance policy is vital to protect your firm's reputation and financial health.