Trade Indemnity Insurance
A trade indemnity insurance policy provides protect to business owners and employees when they are found to be at fault for a specific event such as misjudgment. Typical examples of indemnity insurance include professional indemnity insurance policies such as malpractice insurance and errors and omissions insurance, which indemnifies the professional against claims made in the workplace.
Professional Indemnity Insurance
General liability insurance policies exclude claims arising for breach of professional duty, particularly where there is a fee paid for such advice or service. They also don’t provide cover where there’s only a financial loss. Pure financial loss liabilities are generally insurable only under a specialist Professional Indemnity insurance policy.
Companies may be exposed to being sued by third parties for causing a financial loss as a result of their business activities.
Professions at risk include
- Accountants
- Architects
- Solicitors
- IT Contractors
- Marketing consultants
- Financial advisors