It is an insurance product that provides legal liability coverage to professionals for negligence, errors, violations in carrying out professional duties and obligations.
Professional insurance provides guarantees for:
- Dispute resolution outside of court.
- Dispute resolution in court.
- Legal and attorney fees in defending the claim.
This insurance also provides coverage for the following claims:
- Defamation whether through writing or verbally.
- Lost documents.
- Violation of unauthorized use of intellectual property rights.
- Legal responsibilities arising from the formation of a joint venture.
- Legal responsibilities arising from consultants, sub-cons and agents used by clients.
- Claims against principals who no longer work at the client company.
Other Types of Professional Insurance:
- Insurance for Directors & Commissioners in Company Management.
- Insurance for Paramedical Malpractice.