As previously stated, a Professional Indemnity Insurance policy is designed to protect businesses against the risk of supplying bad, or wrong advice to customers.
Claims under a Professional Indemnity policy are normally unrelated to bodily injury, except in the very specific case of Medical Malpractice Insurance, and will mainly be in regards to losses a customer has realized which have stemmed from misleading or bad advice provided by a company; no matter whether the advice was intentionally or unintentionally wrong.
Under a Professional Indemnity Insurance plan from CCW Global, coverage for negligence claims and subsequent civil suits can include:
- Overall Maximum Limits of US$ 500,000 to US$ 15,000,000
- A broad definition of “claims”
- Reinstatement and Continuity Cover for existing policyholders
- Ability to receive worldwide coverage under one policy
- Streamlined claims handling
- Simple policy wording and language
Because of the nature of a Professional Indemnity Insurance policy, the plan is created based on the specific nature of the business being insured. As such, this type of policy is normally tailored to meet the exact needs of the company being protected; for example, the overall maximum limit of the policy will change based on variables like the business’ total annual revenue or the total value of the individual contract requiring PII protection.