Personal Protection Insurance & Professional Indemnity Insurance

[jay82]

hey. can somone explain whether a software engineer would require both PPI & PII ? or professional indemnity insurance is more suitable for such an engioneer i work for an IT company, it provides web designing services, hardware sale and maintenance and IT consultancy. the Company doesn't currently have any policy regarding insurace coverage for its staff. so im wondering whether i require it or can do without it?

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[Master]

Professional indemnity insurance (PII) cover is to pay the legal costs and compensation arising from any negligence claims made by clients against you.

Payment protection insurance (PPI), also known as credit insurance, credit protection insurance, loan repayment insurance, is an insurance product that enables consumers to insure repayment of loans if the borrower dies, becomes ill or disabled, loses a job, or faces other circumstances that may prevent them from earning income to service the debt.

You should take PII policy.

[jay82]

Thank you Master Let me clarify, by PPI i meant personal protection insurance? so do you think i would require that?

[Manish_Kumar]

Did you mean personal protection insurance, is it same as personal accident insurance?
Because we don't have any such policy as personal protection insurance in India.

[jay82]

I meant personal protection insurance MANISH i have another question, would my personal protection insurance have any effect on my life insurance? would i even need PPI if i already have life insurance?

[Manish_Kumar]

As I said in previous thread there is no such policy as personal protection insurance in India. But you can tailor made it by clubbing personal accident, critical illness and loan protection insurance (if you have any loan outstanding).

Life insurance has no link with any other insurance. They will pay you in case of any mishappening.

[jay82]

Manish, why do we require an accident insurance or travel accident insurance separately when we already have our life insurance coverage?