Professional Indemnity Insurance

What is Professional Indemnity insurance

Professional Indemnity Insurance QuotesonlineInsurance is an industry that has been accused of hiding behind confusing and confounding terminology. Whether it’s because of outdated legal reasons or (as with some other industries) because practitioners want to maintain their status by using obscure language – the insurance industry could often baffle us mere mortals with their jargon.

Take Professional Indemnity insurance – an impressive product name but what is it all about?

Put simply, this is insurance that covers people against claims resulting from the expert services they provide to their clients.

For example, a real estate agent could be sued because he accidentally misled a client on property zoning. Or a designer who unknowingly breaches someone else’s copyright design could be taken to court. Perhaps it is an accountant whose advice to a client unexpectedly creates a tax liability.

Getting the picture? You need this if you offer professional advice to your clients involving specialist knowledge or expertise.

Vero’s Professional Indemnity Insurance

Now Vero is extending the cover its professional indemnity insurance provides to include past and present employees, contractors, heirs, legal representative and even subsidiaries in its policy wordings. The list of benefits has also been expanded and includes cover for things like claims made against you because of fraud by your employees and up to $20,000 compensation for having to attend court.

So while it may take a while to get your head around this type of commercial insurance, it’s reassuring to know that it can protect you against potential lawsuits. If you’d like to know more, just ask your insurance broker.

Source: Vero

Vero Professional Indemnity Insurance

 

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Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs. Please read the Product Disclosure Statement and contact us if you require any clarification
By | 2016-04-06T01:07:35+00:00 January 28th, 2016|Insurance Information, Professional Indemnity|