One type of insurance cover that is designed to provide peace of mind and financial protection for professionals offering services in a range of industries is professional liability insurance, which is sometimes also known as professional indemnity insurance. This is an invaluable form or protective insurance cover for those involved in offering services to paying clients, as it can offer vital financial protection in the event of a claim being filed for damages by a client. It protects your business against claims for loss by a client or a third party if you make mistakes and are found to have been negligent.
Civil engineering consultancy companies which are involved in such major projects serving major projects- for which they may face a wide range of risks leading to huge litigation costs in paying damages as well as defence. Civil engineering consultancy Functions like Designing, Planning, Survey, and Soil Testing etc. which are all very prone to error and any error/ omission in the services provided by your Organization can cause severe losses.
Different level of personnel involved in your industry like Structural design engineer, Document Control, Fire Safety Audits, Managers, Operations Managers, Projects Managers, Planning Engineers, etc are all prone to making some kind of error which may or may not result into losses. When such a wide variety of personnel’s are employed and the work depends on such persons, your company should be protected against any unforeseen losses.
Coverage: Professional Indemnity Insurance policy promises to pay all sums (subject to indemnity) which the insured becomes legally liable to pay as damages to their customer in respect of errors and/or omissions while rendering professional services arising out of claims first made in writing against the insured during the policy period.
The indemnity also includes the legal costs and expenses besides the compensation claim. Yet, the legal costs and expenses incurred are subject to prior consent of the insured and the limit of indemnity.
Additional Coverage:
Loss of Documents: Provides coverage for loss of documents in your custody which are vital to your customer.
Intellectual property rights extension: Covers liability which may arise due to breach of intellectual property right of third party except patents.
Unintentional Breach of confidentiality- It covers breach of confidentiality that is when data or information provided to you by a client is disclosed to a third party without your client’s consent.
Facility to issue certificates for different projects etc.
After all, it is never too early to plan your life. Insure today to secure tomorrow because prevention is always better than cure.