Professional Indemnity for Freelancers in Bulgaria

exali.com offers freelancers from Bulgaria, working in the field of IT and engineering, consulting, media and many service professions flexible and contemporary professional indemnity insurance for the event that something goes wrong in their business.
 
Why should professional indemnity insurance be taken out?

But in every service provided for a customer there also lies the risk of inflicting financial damage on them. If you are held liable for this, as a freelancer you will usually have to pay for damages with your private assets that can threaten your existence.

With the exali.com Professional Indemnity Insurance for Freelancers from Bulgaria, you receive comprehensive and reliable insurance protection. You can easily determine your individual offer and your personal premium for occupational protection yourself online.

As a freelancer in Bulgaria, you perform technical, scientific, creative or advisory work for your customers - for example as a programmer, designer, journalist or consultant. Depending on the focus, advisory functions or practical implementation predominate in these activities.

 

What is a Professional Indemnity Insurance for Freelancers?

In general, Professional Indemnity Insurance protects the freelancer from the professional liability risks associated with his professional activity. The Professional Indemnity offers the freelancer coverage for the frequently occurring financial losses (financial damage), e.g. through the infringement of data protection laws such as the GDPR, as well as for personal injuries and property damage, for example as inflicted on the principal. To this end, professional indemnity insurance includes two important insurance modules in the basic coverage: The financial loss liability insurance as well as the General Liability Insurance for Freelancers. Since the professional activities and the associated risks of freelancers differ depending on the industry and project, you can choose an optional add-on module at exali.com as a supplement to the basic coverage. This means that you are optimally insured if something goes wrong in your Bulgarian business.

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  • Individual and comprehensive insurance protection
  • High coverage sums for financial losses
  • No-claims evidence going back five years

Why do you Need Professional Indemnity Insurance in Bulgaria?

Freelancers from Bulgaria have extensive duties in projects and can be held liable for compensation by law and on the basis of contractual agreements. In the worst case, you will be liable with your private assets, which can lead to serious financial consequences. In order to avoid this and not to plunge into financial ruin, professional indemnity insurance for freelancers in Bulgaria is absolutely necessary. With an indemnity insurance from exali.com you protect yourself against unlawful claims by third parties (passive legal expenses insurance) and at the same time you are protected against legitimate claims for damages that are the result of financial loss up to 2 million euros. Personal injuries and property damage can be covered with the General and Personal Liability Insurance with an insured sum of up to 5 million euros.

Special individual requirements can also be covered by the Professional Indemnity Insurance for Freelancers from Bulgaria. For this purpose, you will find the various optional add-on modules in the online premium calculator, which can also expand your insurance coverage if required.

Our exali.com experts will be happy to advise you on the relevance of the individual basic and add-on modules and work with you to design your personal insurance scope.

Why do freelancers need professional indemnity insurance?
IT and Engineering
(e.g. programmer, software developer, system administrator)
IT and Engineering
Media and Creative
(e.g. media agencies, graphic designers)
Media and Creative
Consulting
(e.g. business consultants, data protection officers)
Consulting
Other Service Professions
(e.g. experts, accountants, virtual assistants and personal trainers)
Other Service Professions
 

What Risks are Bulgarian Freelancers Insured Against with the Professional Indemnity Insurance?

The Professional Indemnity Insurance for Freelancers from Bulgaria provides you with comprehensive coverage for financial losses as well as personal injuries and property damage that you inflict on third parties (e.g. customers or principals) in your business. The professional indemnity not only takes on expensive claims for damages but also has a review function to determine whether the alleged claims are justified. If this is not the case, the insurer will also cover the costs of defending against the unjustified or exaggerated claim (e.g. lawyer, expert and court attendance expenses). Here, the Professional Indemnity Insurance for Bulgarian Freelancers works in a similar way to legal expenses insurance. This is why one speaks in this context of ‘passive legal expenses protection’ in the context of professional indemnity.

If you cause damage as a freelancer, this may have many causes: Human mistake, unforeseen circumstances and the unfortunate chaining of several events are often the starting point for an expensive damage event. This is not only limited to cases where freelancers are actively involved in damage claims, consultancy services also often lead to claims when, for example, critical information was not taken into account. These errors are of course insured, as well as for example:

  • the infringement of data protection laws (GDPR)
  • mistakes in software development
  • general consulting mistakes
  • deadlines not met
  • evaluation errors
  • instruction errors
  • layout errors
  • analysis errors
  • calculation errors
  • data loss
What risks are freelancers insured against in professional indemnity insurance?

Not to be forgotten are the risks that arise from the increasing digitization in the freelance business and that are also insured at exali.com. This includes, for example, damages caused by viruses, malware and ransomware as well as cyber crime. This protection is particularly important if you, as a freelancer, work on site with and on the customer's systems.

Quick Facts about Professional Indemnity Insurance for Freelancers in Bulgaria

Who is the Insurance for?

The special Professional Indemnity Insurance is suitable for all freelancers from Bulgaria, who work in a digital, creative or advisory field and who can cause major damage to the customer with just a small mistake. Since freelancers usually have to be liable with their personal assets, everyone who works as a freelancer should take out professional indemnity insurance. At exali.com, these are already available for low annual premiums with very comprehensive insurance coverage.

Passive Legal Expenses Insurance

Professional indemnity also takes on the defence against unjustified claims. This is known as passive legal expenses insurance protection. Passive because it is a matter of defending against unjustified claims - not actively enforcing one's own claims as with conventional legal expenses insurance. This Professional Indemnity Insurance for Freelancers from Bulgaria assumes the risk of costs, e.g. for legal fees, expert fees or court attendance expenses.

Comprehensive Insurance for Damages

The Professional Indemnity Insurance for Bulgarian Freelancers not only covers personal injuries and property damage like the conventional general liability insurance, but also covers financial losses (financial damage to third parties). In addition, you can adapt the scope of insurance individually to your freelance activity. Depending on the area of activity, there is also the optional add-on module for data protection and first-party cyber and data risks insurance.

Deductible Amount

The deductible, or excess, depends on the industry in which you work as a freelancer. The average deductible for property damage and financial losses is usually 250 euros per claim. As a rule, no excess is payable for personal injuries.

Frequently Asked Questions about Professional Indemnity for Freelancers from Bulgaria

Since Bulgarian freelancers are liable with their entire private or company assets in a damage event, professional indemnity insurance is essential and highly recommended, but is not legally mandatory for many professional groups.