By Oludegun Elijah
WorldStage– Consolidated Hallmark Insurance (CHI) Limited recently introduced Professional Indemnity (PI) insurance policy that shields professionals and corporate entities from legal liabilities arising from errors, omissions, or breaches of professional duty at work.
CHI’s Executive Director (Operations) Jimalex Orjiako said late May the policy creates a buffer that allows professionals to function with peace of mind.
According to him, the risk of facing claims over professional misconduct, negligence, or inadvertent errors is on the rise.
“Defending against a claim of malpractice or breach of duty costs both time and money,” he said.
“With this policy, we protect and defend our clients, ensuring that their business operations continue seamlessly without financial disruption.”
The policy covers a array of practitioners providing specialised advice or services: doctors; nurses and hospital administrators facing malpractice claims.
Others he listed are lawyers, accountants, and auditors dealing with compliance or advisory errors.
Technical professionals PI covers include engineers, architects, and project managers managing structural or technical designs.
In the creative industry, artists, consultants and tech experts providing specialised third-party services also get covered.
And the protection does not only apply to the actions of the business owners or principal partners but also extends to errors their employees, volunteers, or partners commit.
The policy can also form a part of a bundle comprising Product Liability and Public Liability Insurance to complete a risk management framework for businesses.
