Indemnification refers to the act of protecting or compensating someone for any loss, damage, or harm that they may have suffered. It is often used in legal contexts where one party agrees to hold another harmless from any liability or responsibility arising from a particular action or situation. In other words, it means promising to pay for any damages or losses that occur as a result of the actions taken by the person being indemnified. This can be done through insurance policies, contracts, or legal agreements. Indemnification is commonly used in business transactions, where one party agrees to take on the financial risk associated with a particular deal, while another party receives protection from any potential losses.