About the product
Professional Indemnity/ Errors and Omissions Insurance cover provides protection for the company and its subsidiaries for claims brought in respect of negligent acts, errors or omissions in the performance of professional services.
You become liable legally to pay for damages, as defendant, to third parties as a result of financial injury/loss due to occurrence of breach of duty to care or professional error and omission. Just in case of such a fortuitous occurrence, you would be forced to bear legal expenses irrespective of the fact that the claimant is able to establish negligence on your part.
You are eligible to professional indemnity insurance cover if your business involves :
- Providing a professional service
- Regularly giving advice to clients
- Render services to your client for contractual purposes
Limit of Indemnity (OR) Limit of Liability
Any One Accident (AOA) and Any One Year (AOY) or Policy Period Aggregate Limit are expressed in either of 1:1, 1:2, 1:3, 1:4
Premium charged depends on four factors:
- Limit of indemnity selected
- Ratio of AOA and AOY
- Annual turnover (Revenue from operation)
- Nature of Professional Services