What is Professional Indemnity insurance
Insurance 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 Whether it’s because of outdated legal reasons or (as with some other industries) because practitioners want to maintain their status by using obscure language – the insurance industry could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.
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