Indemnity Insurance Can Cover Your Professional Risk

By SiliconIndia   |   Monday, October 28, 2013   |    3 Comments
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Bangalore: With the advent of advanced technology, the work of professionals is becoming if not easy then convenient. However, the increasing convenience is seen to have given birth to negligence as well. Often we come across cases where negligence of a doctor ends up taking the life of patients, either due to wrong diagnosis or because of wrong treatment, reports Sanjeev Sinha of Economics Times.

Cases related to negligence are not only limited to medical profession but has become common in other fields as well. Today it’s easy to bring malpractices into limelight due to the rising consumer awareness and consumer friendly behavior of courts. Although negligence of medical professionals has received the highest attention of public and court till now, the day is not far when people from BPOs, law firms, IT companies and anybody who provides advice and services to people can be sued for negligence.

To help professionals reduce the extent of financial damage, insurance companies now provide them with professional indemnity insurance, if the damage caused to the victim is not a conscious effort to harm the latter or willful neglect. Few insurance companies that provide this insurance are Tata AIG, HDFC Ergo, National Insurance, ICICI Lombard and New India Assurance.

The insurance is intended to help the insured against any claim that he or his company might not be able to pay for.  "For individual professionals, having this policy can ensure their personal as well as professional survival should they have to pay a claim," informs Pavanjit Singh Dhingra, CEO, Prudent Insurance Brokers.

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