Professional indemnity insurance
Professional indemnity insurance (in Danish, rådgiveransvarsforsikring) covers a company’s liability for financial losses clients suffer because of errors, omissions or inadequate advice. It is relevant for advisory businesses such as consultants, IT firms, architects and accountants, and may be required by clients or industry bodies.
Examples
An IT consultant makes a configuration error that takes a client’s webshop offline for three days. The client’s lost revenue is covered by the professional indemnity insurance.