While your customers or clients depend on your advice, things can go wrong with real or perceived errors or omissions. A professional indemnity insurance policy covers you against lawsuits and claims of financial damages as the result of your advice. The costs can be huge for businesses especially if the claim is in favour of the client. It will not only hurt your finances but can result in a loss of professional reputation. This is why experts always recommended getting indemnity coverage.
For many businesses, it is mandatory to get a professional indemnity cover as part of the law or the membership of the professional and licensing body. No matter the size of your business or the scale of operations, a professional indemnity policy is an essential requirement. It will offset the risks you take when providing professional advice to your clients.
Which Professional Indemnity InsuranceCover Is Good for You?
There is no one-size-fits-all policy when it comes to indemnity covers. The PI insurance you need depends on various factors, such as:
In general, the professional indemnity insurance policy you choose should provide comprehensive coverage. It can be a stand-alone policy or part of a business package insurance policy. Furthermore, legal costs as well as the settlement amount will also be covered.
Do not hesitate to take the help of our experienced insurance brokers if you have any questions. They will help you find a plan that matches your requirements besides providing professional advice. The team also shortlists relevant policies, saving you time and energy when it comes to finding the right insurance coverage for your business.