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Professional Indemnity Insurance
September 14 , 2012

A professional's worst nightmare is a client dragging him to court for an error committed by him. Doctors, dentists, CAs, personal finance advisors, engineers and even lawyers are vulnerable to errors and omissions, many times which result from negligence. Although 'suing' culture is not very common in India, firms offering professional services opt to buy professional indemnity insurance policy.

In India professional indemnity insurance goes under the banner of personal liability insurance. In other countries it is also referred to as malpractice insurance. Typically these policies cover only legal liability of professionals to pay for damages arising to a third person while providing him professional service. They cover only civil liability claims. If the liability arises out of an act violating a law or crime, it is not covered.   

Professional indemnity insurance or malpractice insurance does not cover interests of clients and third parties. It covers a firm or individual professional. After the Satyam Computers saga, law firms and accounting firms have started considering having professional indemnity cover serious.

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