The reason for having professional indemnity insurance India is to protect the individual and the business that offers services and consultation, and compensation for full costs. This cost is the cost that arises from the loss that the business causes to its client. One can receive the coverage of this insurance from the insurance company. It, however, focuses on the failure of the company’s service delivery. It leads to financial loss due to the omission or errors in the consultation of the service.
However, the insurance company handles all the confidential data of the client and the intellectual property. It also helps to analyse it before offering the required service consultation. While keeping in mind the confidentiality of various information, it becomes extremely important for any business to take up professional liability insurance or indemnity insurance.
Some of the companies tend to look for a business with service providers and consultation demanding that the business of the individual need to get covered by the indemnity insurance. It lowers the risk of getting trapped in the problems of not getting compensation for the loss.