Professional liability insurance with PJSC "Company "PRESTIGE" If your work requires a license, certificate, permit, or other official authorization, PJSC "Company "PRESTIGE" invites you to secure a professional liability insurance contract with third parties. This is a crucial investment in your professional security and reputation. Having such a contract will give you confidence that you won't have to cover, at your own expense, damages to the life, health, and/or property of clients or third parties. These damages can arise during your activities (or your employees' activities) due to unforeseen and unintentional professional errors. This allows you to focus on your core business, knowing that your financial risks are minimized.

Our advantages: why choose PJSC "Company "PRESTIGE"?

Partnering with PJSC "Company "PRESTIGE" offers you significant benefits:

• Protection from Financial Losses: We help you avoid substantial costs for compensating damages that may be caused to the life, health, and/or property of your clients or third parties. This applies to cases caused by carelessness, oversight, shortcomings, negligence, wrongful acts, etc., committed during your professional activities.
• Optimal Insurance Tariffs: We offer flexible tariffs, the level of which depends on many factors. These include the type of your professional activity, the nature of the insured risk, the scope of insurance obligations, the amount of the established deductible, and the history of claims over recent years. This approach allows us to offer individual terms that best meet your needs and budget. 

Who can be the policyholder?

Policyholders for professional liability insurance contracts can be legal entities and legally capable individual entrepreneurs who conduct professional activities based on relevant permits. These include, but are not limited to:

• Customs brokers
• Auditors
• Arbitration managers
• Accountants
• Appraisers (conformity assessment bodies)
• Freight forwarders
• Realtors
• Security companies
• Private enforcement officers
• Builders
• Notaries
• Insurance intermediaries (insurance brokers and insurance agents)
• Lawyers
• Specialists in other professions who have obtained a license, certificate, permit, etc., for conducting a specific professional activity.

What constitutes an insured event?

An insured event is the occurrence of your liability as the policyholder to reimburse costs for damages caused to the life, health, and/or property of clients or third parties. This refers to damages that arose during and/or as a result of your professional activities due to unintentional errors, omissions, shortcomings, negligence, wrongful acts, etc.

Insurance sum and contract cost

• Insurance Sum: The insurance sum is established by agreement of the parties. In cases where required by Ukrainian legislation, it is determined in accordance with regulatory requirements, depending on the type of your professional activity. This ensures adequate coverage for potential risks.
• Cost of Insurance Contract: The basic insurance tariff ranges from 0.25% to 3.5% of the insurance sum. The final cost of the contract depends on several key factors, such as the type of your professional activity, the nature of the insured risk, the insurer's liability limit (including per insured event), the amount of the established deductible, and other factors affecting the risk level. 

Contract term and coverage territory

• Contract Term: A professional liability insurance contract can be concluded for a period of up to one year. By agreement of the parties, it can be extended (re-concluded) for subsequent years.
• Coverage Territory: The coverage under the insurance contract extends to the territory of Ukraine. 

Deductible (Franchise) under the contract

A deductible is established by agreement of the parties and can be defined as a percentage of the insurance sum or as an absolute monetary amount. It represents the portion of the loss that is not reimbursed by the insurance company. The presence and size of the deductible affect the cost of the insurance policy: the higher the deductible, the lower the insurance premium.

Would you like to learn more about how professional liability insurance can protect your business and provide peace of mind in your operations? Contact the specialists at PJSC "Company "PRESTIGE" for an individual consultation and policy cost calculation!