Intentional or illegal conduct are not covered by professional indemnity insurance. A professional’s insurance policy will not pay for any damages or legal costs if they deliberately conduct fraud, theft, or other crimes.
Additionally, bodily harm and property damage are not covered by professional indemnity insurance. General liability insurance frequently offers this kind of protection. Professional indemnity insurance won’t pay out if a professional injures a client physically or damages their property.
An extra coverage that can be added to a professional indemnity insurance policy is catastrophe cover. This coverage offers defense against major occurrences that can result in extensive loss or damage. Examples of such occurrences include terrorist attacks, broad cyberattacks, and natural disasters like floods or earthquakes. A normal professional indemnity insurance policy does not include catastrophe coverage; it must be added as an endorsement.
Services that fall outside the scope of a typical professional indemnity insurance coverage are known as specialty services. These services can call for extra protection or a totally different policy. Information processing, cyber liability, and environmental liability are a few examples of speciality services. Are bands need to have public liability insurance? Yes, public liability insurance is required for bands. Musicians are shielded from litigation by public liability insurance in the event that an accident or injury occurs while they are performing. The band might be responsible, for instance, if malfunctioning machinery or a dangerous stage cause an injury to a concertgoer. In these circumstances, public liability insurance can offer defense costs and damage compensation.
In conclusion, professionals that provide services to their clients need professional indemnity insurance. It’s crucial to comprehend what this insurance policy does not cover, nonetheless. Standard professional indemnity insurance policies do not provide coverage for intentional or criminal conduct, bodily injury or property damage, disaster protection, or speciality services. Bands should also get public liability insurance to shield themselves from lawsuits that might occur while they are on stage.