Professional Indemnity Insurance

By Law, professionals are required to perform the services for which the appropriate contract standards hired them.

The first duty may be primarily contractual; the second arises from the principles of tort law. For example, suppose a professional fails to perform his contractual obligations towards his client, and the client suffers owing to the professional’s incompetence or lack of interest in the contractual agreement. In that case, the client is entitled to be restored to the position they would have attained if the contract had been performed as promised.

In brief, professional liability is the failure to use the degree of skill expected of a person in a particular field. This liability from professional services for others can be covered through professional indemnity insurance.