Company’s Professional Liability.
Do you know all about it?

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How to mitigate professional liability risks and continue a successful business?

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Professional Liability is the liability that arises as a result of provision or non-provision of professional services to Third Parties on a reimbursable basis.

The more successful the business, the greater the risk. How to protect your business from mistakes during the provision of professional services?

The insurance pays for the expenses of defending against claims for wrongful professional acts as well as the costs of compensating for damages caused by such acts. An insured event is a claim for wrongful professional acts. A Professional Indemnity contract provides protection in the event of a claim for financial damage to any Third Party in the course of providing a professional service.

The most common reason the Companies purchase Professional Liability insurance is for contractual obligations. In this case, such a policy is an opportunity to cooperate with foreign Customers. Among other reasons - the presence of claims in the past, the creation of additional competitive advantages as well as the Company’s internal policy - preservation of financial stability by means of insurance.

Insurance programs are designed for media companies, advertising and marketing agencies, software and IT equipment manufacturers, IT consultants and integrators, business consulting companies, construction design companies and architectural bureaus.

Construction is traditionally considered a high-risk area, because the cost of error is usually high. Often such errors provoke large-scale conflicts between the participants involved in the project from its initial stages to the object’s commissioning. Insurance allows you to effectively mitigate the Customer’s as well as all the project service providers’ and subcontractors’ risks.

In this case, when applying to GARDIA, JSC our Customer will receive, first of all, a professional legal assistance and protection. As a standard, Professional Indemnity Insurance contract includes the coverage for defense expenses, which includes both pre-trial settlement and defense in court. In the conditions of Russian reality, we believe that the availability of this coverage is most valuable for Customers.

Errors and omissions in the provision of professional services are inevitable. Who is responsible for risks in your Company?

 
 
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