Is indemnity the same as liability?
indemnity, the major difference is that a limited liability clause is all about how much liability one party can be assigned if something goes wrong with a contract. In contrast, an indemnity clause is all about which party will have to bear the cost of defending a legal claim.
What is another name for professional indemnity insurance?
Professional liability insurance (PLI), also called professional indemnity insurance (PII) but more commonly known as errors ɪmp; omissions (Eɪmp;O) in the US, is a form of liability insurance which helps protect professional advice-, consulting, and service-providing individuals and companies from bearing the full cost of ...
Is professional indemnity insurance the same as public liability Australia?
Dɪmp;O insurance covers only managers and directors for claims related to their work and duties to the business. PI insurance covers any professional and business from third-party claims regarding their service or advice.
What is public liability and indemnity insurance?
Public Liability insurance (which is often, incorrectly, searched for under the name ‘Public Liability and Indemnity Insurance’) exists to provide cover for damage or injury to third party property or persons. On top of that, it’ll also cover any legal fees that you might pick up as a result of any claims you have to defend.
What is professional indemnity and why do you need it?
Professional Indemnity, on the other hand, protects against the risks associated with providing advice or recommendations to clients. For example, a customer could sue you for damages if it's alleged that your advice has caused a loss.
What is public liability insurance and do I need It?
Public liability insurance covers claims of injury, illness or property damage by a member of the general public against your business. This could include customers, clients, suppliers or passers-by.