Professional Indemnity Insurance
a must in today’s hyper litigious world
Running a business can be hugely rewardingly, but it also brings along great responsibilities and a number of risks. In today’s fast moving increasing litigious society, client will not hesitate to pursue a claim if they feel that they have received sub-standard service.
Deadlines are a fact of life, but sometimes in the race to get a job done, mistakes can happen, causing loss or damage to clients. Being involved in a negligence lawsuit is stressful and can prove to be a huge burden on one’s financial resources. The legal fees and compensation payments (if you are held liable) can be huge depending on the nature of the claim. That’s why most clients will want to see proof of your Professional Indemnity Insurance before awarding you a contact.
Professional Indemnity Insurance (PI) provides essential financial protection for a wide range of professionals. In the event that a client suffers financial loss as a result of alleged neglect, error or omission professional indemnity will meet the cost of depending claims and any damages payable. It has never been more important for professionals to be protected by high-grade Professional Indemnity Insurance.
What is Professional Indemnity Insurance?
PII protects anyone who is providing a professional service, including Lawyers, Architects, Consultant Engineers, Surveyors and Accountants. If one of your customers was to raise a complaint or to claim that professional standards have not been met or that you have failed in your duty of care , your PII would defend any action and ultimately settles damages that could arise from what is referred to as your “Legal Liability”.
Professional Indemnity indemnifies you against claims by clients or third parties and will cover damages plus legal costs of defending the claim and for costs awarded against them.