Professional Indemnity Insurance
Liability insurance is designed to protect companies and individuals liability resulting from any act of negligence which could lead to costly litigation. Professional indemnity or liability insurance offers such coverage to professional advice or service providing individuals and companies ensuring protection against any legal costs and damages awarded as a result of claims relating to negligence. Whereas more general forms of liability insurance focus on direct forms of harm such as sustaining injuries, professional indemnity insurance provides a far more detailed and comprehensive form of coverage. The cover protects a firm or individual's liability relating to any financial loss caused by errors or omissions in the service provided as well as any alleged failure to perform on behalf of a client.
The potential dangers of lengthy litigation, be it bad publicity, extremely high costs or damage to company credibility, make purchasing adequate protection the sensible choice for any business professionals. Professionals are often required to make tough decisions which have a direct impact on their clients business and lives and fear of litigation can be a major factor in limiting a professionals' ability to effectively make a judgment. With a comprehensive professional indemnity insurance policy individuals and companies are able to do what they think is best for the client, unknowingly may lead to a claim against them for negligent advice, errors or omissions.
One never knows when a claim may be lodged against a professional, as certain industries products and services may not have an impact for some time. This makes protecting your business from day one the sensible decision for anyone whose services may leave them liable to litigation at a later date.
Professional indemnity is therefore of vital importance to a wide range of service providers, from lawyers and doctors to architects, as these individuals could otherwise be personally liable for the cost of litigation and any damages. In many industries professional indemnity insurance is a legal requirement which further highlights the importance that many jurisdictions place on ensuring professionals fully protect their interests. To find out more information about how you or your company could benefit from professional indemnity insurance simply call one of our team of insurance specialists.
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