Professional Insurance
Why choose Professional Insurance?
This kind of insurance is especially important for those in fields like law, medicine, accounting, architecture, consulting, or any other profession where your advice or actions can have significant consequences for your clients.
It’s important to note that this insurance doesn’t cover criminal acts, personal injury claims (unless related to your professional advice), or issues not directly related to your professional services.
Here is the list of common professional insurance products
1. Professional Indemnity Insurance
Professional indemnity insurance, also known as professional liability insurance, is designed to protect professionals from financial losses resulting from legal claims made against them by clients or other parties. It is commonly purchased by individuals in fields that provide advice or consulting services, such as lawyers, accountants, architects, engineers, and healthcare providers.
The policy typically covers the costs of defending against lawsuits, including legal fees, court expenses, settlements, or judgments. It may also cover damages awarded to plaintiffs, up to the policy’s limit. This type of insurance is crucial for professionals who could face legal action due to errors, omissions, or negligence in the delivery of their services.
Professions like Accountants, Architects, Engineers, Lawyers and Insurance Brokers are highly regulated by local authorities and in many cases these professions are legally required to have professional liability insurance in place. If you are a professional, your reputation is everything and maintaining this reputation is critical. In the event of a claim, our claims team will conduct the claim process efficiently and discreetly to safeguard our Insured's reputation.
- Coverage: Provides protection against legal claims made against professionals for errors, omissions, or negligence in the services they provide.
- Example: Claims arising from incorrect advice provided by financial advisors, accountants, or consultants.
2. Professional Insurance – Directors and Officers (D&O)
During these increasingly litigious and volatile times, your company’s officers and board of directors may be targets of financially damaging lawsuits. Decisions and judgments made by directors and officers are constantly scrutinized and from a broader range of parties than just shareholders, such as state and federal regulators and other governmental authorities. Directors’ and officers’ (D&O) insurance offers executives personal liability and financial loss protection from wrongful acts committed – or allegedly committed – as corporate officers. D&O insurance also offers balance sheet protection to the corporation.
D&O insurance typically covers risks associated with any actual or alleged errors, misstatements, misrepresentations, negligence, breaches of duty, omissions, or actions taken by the insured in their role as a director or officer. In essence, it protects a company's decision-makers, such as directors, officers, managers, and board members, from personal liability when sued (often by shareholders) for failing to fulfill their duties.
This insurance covers the legal costs, settlements, and damages resulting from lawsuits related to decisions made while managing the company.
Example: If shareholders sue a company’s directors for failing to disclose critical information, the D&O insurance would cover the legal fees associated with defending the lawsuit.
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