The indemnity insurance is insurance for people whose business involves offering services like advice directly to the public or business companies. Consultants, accountants and architects are a great example for people who need indemnity insurance.
The indemnity insurance is a valuable insurance for those who provide services and advice to business companies or public. It can cover the damages to your clients and the legal services that you might need to defend yourself. Getting an insurance quote from several companies will help you find reasonable premiums. It is easy to request for quotes these days but you have to ensure that the quotes also have information regarding the minimum and maximum amount you are entitled in the insurance policy.
What Indemnity Insurance Covers
Indemnity insurance gives you financial security for cases where you are being sued for giving advice or service that harmed your client. It is basically insurance that pays for damages caused by your service. This insurance may also be used to defend yourself when there is no damage from your service but your client questions the quality of your work. You may also use indemnity insurance when clients sue you for breach of confidentiality including those committed accidentally. Indemnity insurance may also cover the legal costs especially when you are sued. It is a great help since legal services are known to be expensive.
What the indemnity insurance does not cover is also worth noting. This type of insurance would not pay for the damage or loss of reputation. It also does not have something to do with the effects of the complaints such as the loss of future contracts.
Requesting an Indemnity Insurance Quote
Everyone is advised to request an indemnity insurance quote. It is easy to get a quote these days. There are many websites that you can go to if you want the shortcut. There are websites that collect information from various insurance companies. They ask you to fill out information before they provide quotes from several insurers. These are convenient since you save time. Another option is to go directly to the website of each insurance company you consider. They have similar forms that usually ask for details such as name, company, phone number, and email address. Some of them also ask when you are available to talk to their representatives. They may call you to ask a few personal and professional details and do some sales talk. Nonetheless, today’s process of requesting quote for indemnity insurance is much easier compared to what you have to go through decades ago.
What a Quote Should Show You
It is easy to get a quote but are online quotes giving you the right information? Of course, the quote should give you an idea how much you will be paying for premium when you avail a particular indemnity insurance policy. It should also tell you the minimum and maximum indemnity cover. They are the amount that the insurance company could pay when you file a claim given that you are not default in any scheduled premium payment.