PROFESSIONAL INDEMNITY INSURANCE

What is Professional Indemnity insurance?

Professional Indemnity insurance (or Professional Liability) is a commercial policy designed to protect your business if your client suffers a loss following use of your services and or product, or the professional advice you have provided was inadequate. Professional indemnity insurance Bulgaria will protect you from suffering financial losses when defending or settling such claims. If you’re a professional business that provides advice and/or services to your clients, Professional Indemnity insurance Bulgaria is an essential element in your business insurance package. It’s important that you feel confident in the quality of your work, but even with the best intentions in mind, accidental errors, and disputes over quality could occur. That is when professional indemnity insurance Bulgaria will be triggered.

What can Professional Indemnity insurance Bulgaria cover?

• Professional indemnity insurance Bulgaria protects you in cases where you need to cover the costs to eliminate an error, or to pay for legal costs, if you make an error or omission in your work.
• Professional indemnity insurance Bulgaria can protect your business in cases of professional negligence, including losing or misplacing sensitive and confidential documents and/or data, unintentional breaches of confidentiality or infringement of intellectual property rights.
• Consequential loss is sometimes covered under Professional Indemnity insurance Bulgaria, although you should check your policy documents to make sure that it is included. Even if your professional indemnity insurance Bulgaria does cover consequential loss, some exclusions might apply.

The insurance limits for every professional indemnity insurance Bulgaria vary depending on the occupation, as well as the provider, you have chosen. Every professional indemnity insurance Bulgaria covers the costs for compensation to third parties that have suffered damages from you as a company and/or professional in full amount or in the amount of the insurance limits, that have been discussed before signing the documents for the professional indemnity insurance Bulgaria. The fee, that is due when signing the documents for your professional indemnity insurance Bulgaria is calculated based on the insurance limits, if the provider does not apply any other method of calculation.

What is not covered by the professional indemnity insurance Bulgaria?

• Professional indemnity insurance Bulgaria will not cover costs for compensations to third parties for injury of property damage unless the loss is caused by your negligence in performing your professional duties.
• Professional indemnity insurance Bulgaria will not cover your Contractors or Employees, unless you notify your insurer that you have such so that they are noted on your insurance policy.
• Professional indemnity insurance Bulgaria will not cover budget overruns, unless the claim made by your customer is that you have failed in your professional duty and that this has led to budget overruns. This can be a complicated area, and professional indemnity insurance cover varies from one insurer to another, so it’s best to check your policy documents or speak to your provider.
• Professional indemnity insurance Bulgaria does not cover you if you are sued by a customer for breach of contract. Contractual liability is excluded from the cover from all professional indemnity insurances in Bulgaria.

Do you need professional indemnity insurance Bulgaria?

Professional indemnity insurance Bulgaria is mandatory for some professions which are considered for high risks. Experts in those fields of work are mandated to have valid professional indemnity insurance Bulgaria in order to provide services to customers. Such professional fields are doctors and medical staff, lawyers, notaries, accountants, auditors, companies in the construction business, travel agencies, aviation experts (including ground control), insurance brokers, personnel, that conducts medical research that include testing products on humans, live guards, court translators and so on. Not every insurance company can provide professional indemnity insurance Bulgaria that covers every field. This is why you should consult with a broker, that will give you the information needed to choose the most suitable professional indemnity insurance Bulgaria.

What is the term for a professional indemnity insurance Bulgaria?

The term, for which you sign your professional indemnity insurance Bulgaria, can be determined in a few ways: depending your personal wants and needs; depending on the offer of the provider, or for a term, that is strictly mandated for your field of work by law. Every person, who practices in the fields, that are mandated by law to have a professional indemnity insurance Bulgaria, must have a valid insurance until retiring or closing down the business. Most professions are mandated to have a valid professional indemnity insurance Bulgaria for a period of 5 years after terminating their practice.

Choose the most suitable professional indemnity insurance Bulgaria with a trusted partner

Every person, who works in such fields of risk, needs to have a professional indemnity insurance Bulgaria. But not every insurance company can provide you with a professional indemnity insurance Bulgaria that includes your field of practice. This may lead to many hours spent in search of the most suitable professional indemnity insurance Bulgaria for you. But you do not need to spend all this time and effort when you have a trusted, reliable partner, such as ZBK Balkan brokers! We have more than 20 years in the field of insurance, and we have consulted numerous clients and business partners in the search of the most suitable insurance coverage for their needs. In the process of choosing the best professional indemnity insurance Bulgaria for you we will consult you, provide you with detailed information and suitable offers from leading insurance companies on the market and together we will choose the appropriate professional indemnity insurance Bulgaria. With the brokers from ZBK Balkan you do not have to or need to research the market for current offers and will still be able to make the best choice for your professional indemnity insurance Bulgaria, as well as many other insurance coverages for you and your business. By choosing ZBK Balkan as your trusted partner you can be sure that you have always made the right decision!

What is Professional Indemnity insurance?
What can Professional Indemnity insurance Bulgaria cover?
What is not covered by the professional indemnity insurance Bulgaria?
Do you need professional indemnity insurance Bulgaria?
What is the term for a professional indemnity insurance Bulgaria?
Choose the most suitable professional indemnity insurance Bulgaria with a trusted partner