What is professional indemnity insurance in Nigeria?
Who is it For? This indemnity ensures the payment of damages to persons who have sustained financial loss arising from the professional’s negligence or that of his employee in the operations of the business. It protects against any action for damages brought against the insured in a court of law within Nigeria.
What is health care professional indemnity insurance?
Healthcare Professional indemnity insurance (HPII), otherwise known as medical malpractice insurance or medical errors and omission insurance, is a legal liability insurance that helps rescue the medical practitioners from medical liability lawsuits or negligence that may be brought forward by a patient.
How much does professional indemnity cost?
For most businesses professional indemnity insurance can cost anywhere from $100 to $300 a month. On average, a professional indemnity insurance policy costs $1500 per year.
What is the purpose of professional indemnity insurance?
Professional indemnity insurance protects you and your business against claims for alleged negligence or breach of duty arising from an act, error or omission in the performance of professional services.
Who is responsible for professional indemnity?
The purpose of the IGI Professional Indemnity Insurance policy is to protect the Professional person against legal liability, by paying damages to persons who have sustained financial loss arising from the professional’s negligence or that of his employee in the conduct of business.
What is professional risk indemnity insurance?
Professional Indemnity insurance – also known as PI insurance – is intended to protect professionals and their businesses in the event of claims made by a client (or third party) suggesting that they have suffered loss as a result of non-performance, breach of contract and/or professional negligence in the services …
What is medical professional liability insurance?
Overview: A medical professional liability insurance policy covers bodily injury or property damage. Medical liability insurers spend large sums of money investigating and defending claims where there is an adverse patient outcome not resulting from negligence.
Do doctors need professional indemnity insurance?
Doctors must therefore ensure that their indemnity insurance covers all of their work. Any private or other work they undertake as a registered medical practitioner will likely require a separate insurance indemnity arrangement to be put in place.
Who needs professional indemnity?
You are likely to need professional indemnity insurance if: You provide advice or professional services to your clients (including consulting or contracting) You provide designs to your clients (such as working as an architect or design engineer)
Do nurses need professional indemnity insurance?
Nurses and midwives practising in NSW must have professional indemnity insurance (PII) arrangements in place in line with requirements of national registration and in accordance with their registration and practise environment.
What happens if you don’t have professional indemnity insurance?
To not have the insurance is usually a serious disciplinary offence which can result in a firm being fined or closed down by their regulator. In many unregulated services such as IT and Tech, professional indemnity insurance is not a regulatory requirement.
What is not covered by professional indemnity insurance?
Professional indemnity insurance can cover compensation payments and legal fees if a business is sued by their client for a mistake they’ve made in their work. Bear in mind, however, that professional indemnity insurance does not cover you for the cost of any reputational damage that the mistakes have caused.