Lately, professional indemnity insurance have been gaining massive appeal all over the world as nearly every professionals and businesses would like to have their best interest protected by this insurance. Basically, insurance professional indemnity serves as a protection for business and professionals who provides professional services to people and clients. The skills and knowledge they have is the very reason why people hire them in the first place. If you practice a certain profession or that you run a particular business that provides professional services, then it would be in your best interest to protect it by getting professional indemnity insurance.
What is Professional Indemnity Insurance (PI)?
Professional indemnity insurance is a type of insurance the covers you and your business from any potential loss made or will be made for the services have provided to unsatisfied clients due to negligence on your part or unsatisfactory service by you or your employees that have led to the client’s loss, either financially, physically, damage, theft, or infringement of intellectual property.
If you have professional indemnity insurance, you will be covered by your insurer for the costs incurred from lawsuits that have been filed against you by unsatisfied clients. The coverage of cost also includes loss from a lawsuit proceeding. This means that even if you lose the case filed against you, your insurer will assist you with all the financial expenses. Having professional indemnity insurance means that the insurer will try and attempt to resolve issues before they even escalate into lawsuits. The key factor in professional indemnity insurance is prevention.
Who can get Professional Indemnity Insurance?
Everyone in professional service-related industries like accountants, architects, financial advisors, engineers, bankers, writers, medical professionals, healthcare professionals, consultants, contracting businesses, transport sector, marketers, and writers can all get and benefit in having professional indemnity insurance.
Businesses and professions covered by this form of insurance can enjoy peace of mind as they go about their daily duties and work because the insurance has got them covered from the expense brought about by lawsuits due to negligence on their part or simply by unsatisfied clients. The coverage lasts even after several years have passed upon provision of the service wherein the lawsuit is dated for. If you have professional indemnity insurance, you will be properly protected from the costly expenses of lawsuits and other legal proceedings.