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Professional Indemnity Insurance - A Must Have
By Editor22
Professional indemnity (or PII) is an essential financial safeguarding measure for individuals and businesses alike. Let’s take a closer look at this important measure that can play a major role in safeguarding the future of a practicing professional.
Just like personal life or household plans, professions can also be insured. Individuals in different professions can now insure themselves against sudden financial losses or unforeseen pecuniary liabilities with the help of professional indemnity cover. Professional indemnity insurance, to cut a long story short, is essentially a subset of the general process for risk financing.
By introducing a third-party controlled, formal method of insuring companies and business processes against sudden financial liabilities, professional indemnity services have successfully replaced the earlier habit of professionals to raise funds for themselves by forming self-motivated closed groups. PII ensures that during an hour of crisis, there’s enough monetary cover for you to avoid a major loss.
By helping in to settle heavy financial
claims, professional indemnity also insures a better functional future for an individual.
Professional indemnity coverage becomes necessary when a client complains of a financial loss that is directly or indirectly linked to a professional service provider. When a client expects for a certain degree of adequacy and is not satisfied with what he is provided with, he at his discretion may file suit and claim compensation for losses he has suffered. A professional may be held responsible on occurrence of following incidents.
Negligence or breach of duty and care.
Unintentional infringement of copyrights, trademarks and other intellectual assets of clients.
Loss, damage or embezzlement of important data and documents.
Dishonesty related to theft of client's money or forgery.
In case a professional is charged and ordered by the court to compensate for such financial losses, he or she can avoid hefty financial losses if there is a pre-existing indemnity coverage.
Evidently, a PII cover is a must have for every professional to stay unscathed from unforeseen errors and financial qualms thereby.
For further information on professional indemnity and pi insurance please contact Coulson Pritchard Associates directly on 01480 470220 or visit www.freelanceinsure.co.uk/
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