Professional Indemnity Insurance

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Creative Commons License photo credit: Tech N Tools

The economy makes many twists and turns on a daily basis, so it is always good, as a professional, to make sure that you have all of your bases covered, especially in the case you have a dissatisfied client.

One of the best ways to do this is to take out a professional indemnity insurance policy, which is best defined as a type of insurance coverage that up, along with уοur enterprise, can be protected against possible losses incurred or could be incurring for companies уοu’ve supplied tο dissatisfied clients for the reason that οf known or unknown negligence; for instance, service уοu οr уοur co-workers hаνе previously supplied thаt could cause a clients’ loss, еіthеr physically οr financially, or an infringement οf intellectual property including but not restricted to copyrights, damage οr loss οf information οf уουr clients, οr thefts уοu produced οr bу another employee. We all make mistakes; however, being covered with a professional indemnity insurance policy is an added blanket of protection against those mistakes which could spin into a whirlwind of losses.

Any kind of professional as an individual, or a growing enterprise, would be a huge benefit to this type of policy. In the case of a lawsuit or any type of legal proceedings, this insurance would provide key benefits such as coverage whether you win or lose a case and even pay claims that people make against you or your company before it goes to the litigation phase.

Architects, engineers, website designers, online marketers, graphic artists, writers, doctors, and all medical / healthcare professionals would be an example group of people directly affected in daily business and should hence take out this professional indemnity insurance to protect interests.

Since this is a specialized form of insurance, fewer companies are actually in the business of selling professional indemnity insurance. The first thing that needs to be considered is the company itself – make absolute sure that you get all of the coverage you need for your professional situation and, should your business shut down, obtain a run-off policy so the spin off of bad past business will be covered. Doing business in the UK is a great thing; having this type of coverage is even better. Because this is a highly regarded type of policy for the likes of brokers and traders, make sure that the carrier doesn’t overcharge you knowing how badly you may need it.

So, if you are in any type of field where copyrights, patents, documents or money is a daily player in your business, a professional indemnity insurance policy is almost a must for you to carry. Without it, most professionals will have no protection from even the most frivolous of lawsuits or claims against them, making them vulnerable to losing their business, their homes and, if serious enough of a court dilemma, their freedom. Take the proper precautions and get a professional indemnity insurance policy today.

Posted by on Oct 3 2011. Filed under PI. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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