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Answer :
Final answer:
Professional indemnity insurance protects agents from lawsuits due to service failures, covering legal costs and compensation, important for various professionals.
Explanation:
Professional indemnity insurance is the type of insurance that protects an agent and pays claims if a lawsuit is brought against the agent for failing to provide a service to a client. It provides coverage for errors, omissions, negligence, and other professional risks.
For example, if a consultant omits critical information in a report that results in financial loss for a client, professional indemnity insurance would cover the consultant's legal costs and any compensation payable to the client.
It is crucial for professionals such as doctors, accountants, architects, and lawyers to have professional indemnity insurance to safeguard against potential liabilities.
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