AE Blog - Professional Liability Insurance in Simple Terms
When working with Professional Liability Insurance everyday it is easy to overlook the fact that not everyone understands the terms frequently used. We strive for clear and simple contract language… so what exactly is “indemnity” in simple terms? Professional Indemnity Insurance is also called Professional Liability Insurance. This insurance policy aims to protect owners and employees when they are found at fault for a specific incident. Errors and Omissions (E&O) Insurance is an example of such a policy that indemnifies professionals against claims made in the workplace.
According to John M Lowe of Lowe Consulting, LLC, indemnity can be broken out into 4 categories:
- Simply defined, indemnification is an agreement to accept responsibility for someone else’s loss
- Common law – If a person’s negligent act damages another person, the damaged party deserves compensation from the damaging party
- Uninsurable language – “Consultant shall indemnify, defend, and hold harmless Client from any and all damages, alleged or actual, including consequential or collateral damages, occasioned by any actions of the design professional during the performance of the services.”
- Insurable language – “Consultant agrees to hold harmless and indemnify Client from and against liability to the extent caused by Consultant’s negligent performance of the services.”
Business practices have changed from the firm hand shake of the past, to a compensation culture. E&O insurance is probably the most important coverage you need. It can pay the legal costs and compensation arising from the claims made by clients against you.
Please contact one of our experts for more information.
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