Rinkos Insurance Solutions is a market leader in insurance broking. We help clients better quantify and manage risk to survive and thrive.
Being a Network Partner of one of the largest insurance broking companies, we have the capacity to handle a broad range of risks on either a direct or a wholesale basis.
Drawing on solid relationships with London and global markets we’ll do our utmost to find the right solution for you.
Professional liability insurance is a type of coverage designed to protect your business against negligence claims when your services cause financial harm to a client. An error or omission in the service can negatively impact a client, especially if they rely on your service delivery. Even the most successful companies are prone to professional mistakes, which can result in a lawsuit.
For example, if your company specializes in providing professional advice to clients, a poorly worded email or a confusing comment could escalate into a financial loss and a lawsuit. These mistakes, although unintentional, can have consequences for both third parties and the success of your business.
To ensure that no party is adversely affected, professional liability insurance helps minimize the financial damage caused by poorly delivered professional services and covers the necessary legal defense against reported claims.
Any company that is expected to meet a certain standard when delivering its services can face a negligence claim. Some clients even require businesses to have professional liability insurance before purchasing their goods or services.
Here are a few examples of businesses that often choose professional liability insurance:
Any technology provider, including but not limited to software development, software installation and maintenance, hardware design, hardware installation and maintenance, data processing, internet services, data and application hosting, computer systems analysis, consulting, training, programming, systems integration, IT support and network management, IT security consulting and services, control systems integration, and the Internet of Things.
Professional liability insurance provides essential coverage for companies in the financial technology industry, including payment infrastructure, stock and currency trading apps, crowdfunding platforms, mobile payments, blockchain technology, money transfers, alternative lending, and insurance.
Accountants, engineers, lawyers, doctors, advertising professionals, consultants, and other providers of knowledge-based services across various industries require professional liability insurance to protect their livelihood from unexpected claims.
Businesses that specialize in developing key strategies and finding complex solutions to fix or improve the operational and financial state of a third party receive essential coverage for unforeseen mistakes through professional liability insurance.
The pattern is clear—if a company’s services can lead to unusual situations or misunderstandings, the risk of a potential lawsuit is significantly higher. These businesses benefit the most from professional liability insurance, which may be crucial for their stability and proper functionality.
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Lloyd’s is proposing to transfer certain EEA insurance policies to Lloyd’s Brussels.
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Rinkos Insurance Solutions is a licensed insurance broker regulated by the Bank of Lithuania (License No. 0060). For additional legal information please visit the Terms and Conditions section.
