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A lawsuit might put your company out of business depending on the severity of the damage, the number of individuals hurt, and the value of the property harmed. Even if your company is finally found to have done nothing illegal, a tenacious plaintiff can drag out the legal process for a long time and cost you a lot of money to defend yourself. Liability insurance covers your defence expenses and safeguards your assets.
Effective liability risk management can lessen the likelihood of your company being sued but can’t completely remove the danger. A mistake made by you or a team member might result in someone getting hurt or becoming broken. You could be held legally responsible for compensating someone who loses money due to your acts or inaction.
The safety net that guards you if your practice’s risk management methods are unsuccessful is Professional Indemnity (PI) insurance.
A customer or other party may hold you, their Chartered Accountant, legally accountable and file a claim for economic loss if they are dissatisfied with your advice. Additionally, chartered accountants may be held accountable for tortious behaviour, carelessness, or statutory violations, such as misleading and deceptive behavior infractions of consumer protection legislation.
PI Insurance will help you defend your company, workers, and yourself from lawsuits.
An essential component of liability insurance is clinical trial insurance. This insurance program covers potential legal obligations resulting from research studies. Physical harm, data loss, and property damage suffered during the trial are covered.
Commercial General Liability (CGL) insurance coverage shields companies from any kind of legal responsibility regarding payment for harm or damages a third party suffers due to regular company activities.
Trade credit insurance protects businesses from customers who don’t pay their bills; thus, all invoices with that client are covered for the duration of the policy year. Businesses of various sizes use it to safeguard both home and foreign trade. A trade credit insurance policy can protect suppliers of products and services (apart from financial services) from delays or non-payments resulting from the following risks:
The price for a firm to recover from a data breach, virus, or other cybercrime is covered by cyber liability insurance. It also includes any legal actions brought about by the breach. Any company that keeps confidential information on a computer system or in the cloud should obtain cyber liability insurance.
Directors & officers (D & O) liability insurance is designed to shield people from financial harm if they are sued for their roles as directors or officers of a company or other organisation. Additionally, it can pay for any costs the organisation could incur due to the lawsuit, including legal fees.
Professional indemnity insurance protects doctors against professional risks, including irresponsible misdiagnosis, inaccurate medication administration, improper surgical techniques, inappropriate course of treatment recommendations, etc. It offers protection if a patient or other party asserts that the insured medical professional’s services, consultation, or advice caused them illness, damage, death, or financial loss. Additionally, it can defend doctors from defamation and libel.
Ensure you have the right event insurance before planning an event, whether it’s a corporate conference, seminar, live concert, award ceremony, school or college annual function, wedding ceremony, or sporting event like cricket, hockey, or kabaddi.
You are accountable as a business owner for every item you produce and market. Your company can be liable for the results if one of those goods is defective or injured. Product liability insurance can reduce losses resulting from this kind of circumstance.
Complications will also result from a physical product’s shortcomings in any firm that sells it. With the expansion of globalisation, the rise in exports, and the number of foreign firms establishing local joint ventures to operate in India, there are certain very specific scenarios with which we can assist you in safeguarding your brand and balance sheet.
Professional indemnity insurance, additionally referred to as professional liability insurance or PI insurance, pays for your defence’s legal fees as well as any damages or costs that may be awarded if it is claimed that you gave your client bad advice, subpar services, or poor designs that resulted in financial loss.
IRDA Registration No. 908
Validity: 28th August 2023 to 27th August 2026
LLPIN: ABD-0369
Insurance is the subject matter of solicitation.