To protect against services not meeting customer expectations
When is this useful?
Professional Indemnity Insurance, also known as Errors and Omissions Insurance, protects you from legal claims due to professional errors. It covers defense costs and damages from negligence claims by clients.
What is Professional Indemnity Insurance?
Professional Indemnity Insurance, also called Errors and Omissions Insurance, protects you from legal claims related to your professional services. It covers defense costs and damages from negligence claims by clients. E&O Insurance is vital for all professionals, shielding your business from financial risks due to errors, omissions, breaches of contract, or failure to provide services.
Why is professional indemnity insurance important for you?
Claim Protection
You are protected from legal expenses and damages resulting from professional negligence.
Financial Stability
Safeguard your financial status from costly claims.
Client Confidence
Increasing client trust by ensuring their interests are protected.
Contract Requirement
Meets contract requirements that could be deal breakers for the client.
Employer Branding
Studies show companies with better risk management strategies attract top-tier talent
What does professional indemnity insurance cover for Indian companies?
Legal Expenses
Covers expenses for defending against claims, including court and attorney fees.
Professional Mistakes
Handles claims related to professional errors or omissions.
Negligence Claims
Protection against accusations of negligence in carrying out professional responsibilities.
Breach of Duty
Offers protection for accidental breaches of duty, confidentiality, or trust.
Intellectual Property
Addresses unintentional infringement of intellectual property rights.
Loss of Documents/Data
Insures losses linked to client data or documents.
Who should buy?
New startups
Having Errors & Omissions insurance is crucial for new businesses with low risk tolerance. Even minor errors can harm your business significantly. Errors & Omissions coverage safeguards you from potential claims, enabling you to concentrate on growing your business.
Growth Stage
Expanding your client base increases the risk of potential claims. Professional Indemnity Insurance offers a safety net, enabling your business to grow confidently. Having this protection can make you a preferred partner to customers, particularly those in developed economies.
Large Entities
Established firms may make unintentional errors due to high work volume. Having a strong Professional Indemnity Insurance policy is crucial to safeguard your firm's reputation and financial well-being.
Commonly asked questions
How much does business insurance cost?
The price of business insurance varies based on several factors, such as business size, industry, location, and desired coverage limits. Use our recommendation tool to find customized policy options and cost estimates tailored to your business needs.
What does business insurance cover?
The scope of protection business insurance offers is determined by the policy you select. Typically, coverage includes property damage, liability issues, lawsuits from shareholders, and cybersecurity incidents.
Do companies belonging to specific industries particularly need business insurance?
Given that each business encounters its own set of challenges and liabilities, consulting with your insurance provider for a detailed understanding of common risks in your sector and strategies for their mitigation is advisable. Schedule a consultation with a Loop insurance specialist for personalized advice.
Why do I need business insurance?
Business insurance is crucial for defending your operation against unexpected financial threats. It can offset expenses related to property damage, liability claims, legal fees, and more, preserving your business's financial health.
Why should I choose Loop for Business Insurance?
- Offers immediate access to reputable insurers and cost-efficient plans.
- Ensures ongoing support and advice through direct connections with insurance experts.
- Provides significant influence and insight when dealing with insurance firms, especially for substantial claims.