Professionals can face lawsuits from dissatisfied clients, resulting in losses. To protect against this, clearly outline services in writing, keep records, and purchase professional indemnity insurance. This insurance settles cases out of court and pays for litigation costs and settlements if necessary. “Occupational indemnity” is a scary phrase in many professional circles. Unfortunately, a professional […]
When choosing an indemnity policy, consider the type of coverage needed, cost, and policy limits. Read the fine print and research insurers before signing a policy to avoid future costs. There are many factors to consider when choosing the best indemnity policy. Indemnity insurance plans pay up to a certain amount on a particular type […]
Choosing the right indemnity policy involves ensuring it covers all risks, understanding the win limit and scope of coverage, and researching potential insurers. Read the policy’s fine print and ask questions to fully understand it. There are many factors to consider when choosing the best indemnity policy. Indemnity insurance plans pay up to a certain […]
Indemnification bonds protect parties in a transaction from loss due to a substitute interest. They are used in various transactions, including real estate and art sales, to provide insurance against outside interference. Buyer beware refers to a buyer’s responsibility to ensure the seller has the legal right to sell the property. Indemnity bonds can compensate […]
Double indemnity is an insurance policy provision that pays the beneficiary double the standard amount in some cases of accidental death. It is not applicable to homicide, suicide, or natural causes. The coverage is also known as an “accidental death benefit” and is usually offered as a supplement to life insurance. It requires a more […]
An indemnification clause in a contract allows one party to compensate the other for losses incurred during or in connection with the contract. It can work one way or both ways and can cover a variety of situations. Small businesses may find it critical. It is important to read and understand the clause, and consult […]
General liability insurance and professional indemnity insurance are often confused, but they cover different things. Public liability insurance protects against injury to third parties, while professional liability insurance protects professionals from malpractice charges. Liability insurance covers medical expenses, lost wages, and property damage, while professional indemnity insurance covers legal costs and damages resulting from negligence. […]
An indemnity agreement is a contract where one party agrees to take financial responsibility for certain expenses or damages. Examples include medical insurance, property leases, and investment services. Some indemnity agreements are difficult to enforce, such as those found on amusement park tickets. Recreational activities like skydiving and parasailing also often require participants to sign […]
Professional indemnity insurance protects professionals from client claims, covering legal fees and payments. It is required by law for some professions and recommended for others. Different policies cover negligence, breach of duty, civil liability, intellectual property disputes, and loss or damage to data or records. It is beneficial for professionals in all fields, and insurance […]
