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Lawsuits are regrettably becoming more and more commonplace. Regardless of the guilt or innocence of the professional person, the time lost and cost of legal defence can be very damaging. In some cases defence costs can out-weigh the actual damages awarded.
This insurance gives essential financial protection for any person who provides services in a professional capacity (usually advice, consultancy, design) and is regarded by their clients as an expert in their area of business. If a client, when relying on such expertise, suffers a financial loss due to an error, omission or mis-statement, they may consider to pursue a claim through the courts for damages.
A typical Professional Indemnity Insurance can usually cover:
- Breach of professional duty
- Infringement of copyright
- Infringement of confidentiality
- Infringement of contract
- Libel and slander
- Loss of documents
- Dishonesty of employees
- Fidelity
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