Professional Indemnity Insurance: Protecting Practicing Professionals
Life is uncertain and unpredictable. Many a times, you have to face situations that can be drastic and completely unwarranted. If you are an expert in any of specialization and indulge in the business of providing effective solution to needy people, professional indemnity insurance is must for you.
The insurance cover provides adequate protection to people who are providing specialist advices to others. Be it a doctor, an architect, an engineer, a journalist, a photographer, an accountant or any other specialist, the coverage of PI insurance can protect everyone. If you are involving in the business of selling of services, taking a suitable PI insurance cover is must for you.
A professional can get insurance policies for seeking protection against any event of negligence claim that comes out as results of the services rendered to the client. Under this insurance protection, an insurance company provides all costs that need to be paid as compensation sought by an unsatisfied client. Many insurers also cover legal costs of the professionals. Evidently, professionals are getting attracted towards professional indemnity to protect their interests.
What Comes in Professional Insurance Policy Cover?
Any act of negligence or error occurred during the course of service rendered to the third party
Un-intentional violation of intellectual property rights
Data loss and unknowingly distribution of confidential documents
Breach of confidence
Status of libel or slander
Dishonesty
In any of the cited instances above, the service provider (i.e. you) is liable to compensate for the loss incurred by the client. While in most cases the financial compulsions become very high, the result gravely hinders the normal functioning of a business. The situation can lead to further complications if the business carries along a certain number of employees with itself and is responsible towards salary compensations.
If you are a practicing professional, taking an insurance protection would help you fight against many such adversities that catch you unguarded.
Related Tags: professional indemnity insurance, professinal liability insurance
For further information on Professional Liability Insurance please contact Coulson Pritchard Associates directly on 01480 470220 or visit at www.coulsonpritchard.com
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