Insurance terminology explained in simple terms
The term Insurance describes the basic principle of collective assumption of risk. This means that several people or companies pay a sum of money (an insurance premium) into an insurance policy in order to receive compensation from their insurer in case of an insured event.
Since many policyholders pay into the policy, but only some suffer insured events, the premium is affordable for the insured parties. Alfred Manes, economist and pioneer of insurance science, defines insurance as “eliminating the risk of an individual through the contributions of many”.
There are many different types of insurance that cover different risks in different areas. At exali, you will find Professional Indemnity Insurance for Digital Professions for people working in IT, media and consulting, plus various other service providers. Our insurance covers your professional activity and kicks in if you ever cause damages during your professional activity that you are held liable for.
Enter your activity below and get a no-obligation quote for a professional indemnity premium:
(related terms: professional indemnity/professional indemnity insurance, general indemnity/general indemnity insurance)
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