Professional Indemnity (Errors & Omissions)
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PROFESSIONAL INDEMNITY OR PROFESSIONAL LIABILITIES INSURANCE (PI / PLI)
The business of services, design, consultancy or efficiency products are exposed to financial risk from suits relating to breach of contract. An IT company’s failure to develop an intended application, a Building design gone wrong for an Architect, a Doctor’s failure to save a patient or an erroneous Investment advice can all lead to claims. Professional indemnity or Errors and Omissions (E&O) Cover is specifically designed to address such possibilities of a claim. They provide a wide coverage beyond a contract breach.
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Breach of Confidentiality
All contracts require protecting a client information and non-disclosure norms. When client information or plans are accidently revealed by you or your employees unintentionally, the policy can protect you from subsequent claims.
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Loss of Data and documents
Losing important client documents and data entrusted to you or Technology firms committing mistakes leading to data loss can all lead to financial losses. It may require expenses to reconstitute data or compensate client losses.
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Intellectual Property Infringement
This protects when claims for violation of Intellectual property rights (IPR) are made but not for patent and trade secret violation. It may arise due to a software you bought from a vendor or an employee using designs from his ex-company.
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Libel and Slander
When contracts do not go as expected, allegations and counter allegations are common. A spoken word or a contention written to counter falsified or inaccurate allegations can all lead to a claim by a client which needs protection.
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Employee Fraud and Dishonesty
While insurance does not cover you for a claim arising from a fraud or dishonesty, you may be unaware of an dishonest act committed by an employee leading to a claim. Business Binder can help secure a cover from all such claim possibilities.
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Delay or Failure to Deliver
Despite best intentions and competencies, services and products can be delayed due to manpower loss or system failures. When a failure leads to delay or failure in delivery of your product or services, your cover should protect you.