Professional Indemnity Insurance
Professional liability insurance provides financial protection for companies or individuals, providing professional services, where the customer claims provider (might be alleged acts, unsubstantiated claim too) for improper services rendered or for any financial loss of your customer arising from the services rendered by you.
- The construction manager has received a claim from the customer for not properly fulfilled obligations: certain works carried out and orders fulfilled without prior coordination with the customer, price too high paid to contractors for work, late and careless accounting management, careless contractor’s work supervision, resulting in the poor quality of works, defective works accepted. The claim exceeded 35 thousand euros.
- IT (programming) services company received a claim, because the e-commerce program managers have been embroiled error which resulted in the sales price having been calculated lower than one indicated in the customer‘s pricing, so sales transactions occurred automatically. Claim is to cover the losses for the goods sold for the price too low.
- All activities of the company can be insured as well as liability arising from all the services rendered. (For example, if you provide bankruptcy administrator and accounting services, both activities are insured.)
- Coverage can be extended to include compulsory professional indemnity insurance coverage according to regulations and laws of the Republic of Lithuania (lawyers, bankruptcy administrators, auditors)
- All activities of the company can be insured, executed not only within Lithuania, but also worldwide (except USA and Canada).
- Legal defence costs compensated.
- Highest quality services in case of a claim: even 90% percent of claims are handled prior to court proceedings, this way it helps to save the company‘s reputation.