Professional Indemnity Insurance Procurement in the US
This report is intended to assist buyers of professional indemnity insurance, also known as professional liability insurance or errors and omissions insurance. For medical professionals, it is commonly called medical malpractice insurance. This insurance provides coverage against negligence claims made by clients. It covers the cost of defending against the claim and paying any damages awarded to the litigant. Different types of indemnity include repairs, replacement, cash payments and reinstatement. Buyers include healthcare providers, law firms and technology companies, while suppliers are direct insurance carriers and agents and brokers. This report excludes other types of insurance, such as building contents insurance, cargo insurance, reinsurance and business interruption insurance.