indemnify

indemnify definition - business

indemnify

  1. To insure against loss or damage. For example, an individual may purchase liability insurance to indemnify himself against claims arising from negligence.
  2. To pay another's expenses. For example, a company may reimburse, or indemnify, its directors for legal expenses they incur in performance of their duties for the company.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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