Things to Know about Professional Indemnity Insurance

indemnityinsuranceThere is hardly any professional who would agree to being accused of unethical acts by clients, whether such allegations are even true or not. To be indicted from doing such acts is not only damaging to the professional career of a person, but it also damages his overall reputation. Fortunately, professionals can protect themselves with professional indemnity insurance for any financial loss brought by clients who are intent in crippling you both financially and in reputation.

Professionals and businesses are eligible to get professional indemnity insurance as this is a means of protecting not just their financial interest, but also their reputation and respectability in their chosen industry. There are actually some laws that mandate certain professions and businesses to have this type of insurance. This will include architects, financial advisers, mortgage intermediaries, and insurance brokers. However, for some professions and businesses, this type of insurance is not mandatory; nevertheless, it is recommended or encouraged for them to have it.

Professional indemnity insurance is an insurance coverage designed to give protection to professionals and businesses over services provided but incurs mistakes wherein their clients sue them and insists on claims. Whether the accusations are true or not, this is simply the common dangers faced by professionals and businesses that provide professional services.

Here is a basic list of coverage covered by professional indemnity insurance.

  1. Negligence – failure to act responsibly and with care that results in damages.
  2. Dishonesty – may refer to cheating, lying, or stealing.
  3. Loss of Documents – the incurring of loss or damage to valuable documents or date owned by the client.
  4. Intellectual Property – the infringing of patents, copyrights, trademarks, and other intangible property that are a result of creativity.
  5. Civil Liability – legal obligations from breach of contract.

The premiums involved when getting professional indemnity insurance depends on the risks involved by the business or the professional. Nevertheless, the benefit brought about by having such insurance will surely compensate the cost of the insurance premium. This makes professional indemnity insurance an invaluable investment for professionals and/or businesses as it provides them with financial protection and security and that it also helps in saving their professional interest and reputation. If you provide professional services to clients, then it is in your best interest to invest in such insurance protection.

0 thoughts on “Things to Know about Professional Indemnity Insurance

  1. Pennsylvania state tourism ^ Video
    Pennsylvania state tourism Pennsylvania state tourism Ronald Johnson at Pennsylvania State University, University Park, PA See how other students describe this professor. MGMT 301 is honestly the easiest class ever. There is almost too much extra credit given to get anything below an A-. Attendance is required through clickers and he gives 7, 3-question pop…
    The post Pennsylvania state tourism ^ Video appeared first on Canada Finance.

    Sudan Business

  2. used car sale
    Free credit check online now & Video
    Free Credit Reports, Consumer Information Free credit check online now Consumer Information You are here Free Credit Reports Share this page Visit to get your free credit report. The Fair Credit Reporting Act (FCRA) requires each of the nationwide credit reporting companies — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report, at your request, once every 12 months. The FCRA promotes the accuracy and privacy of information in the files of the nation’s credit reporting companies. The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the FCRA with respect …
    The post Free credit check online now & Video appeared first on Credits.

    Anchorage Business

  3. auto audio

    When did new jersey became a state \ Video
    Urban exploration: New Jersey State Hospital for the Insane When did new jersey became a state New Jersey State Hospital for the Insane Greystone, as of writing this, has been demolished. I have been there many times myself, and I enjoy it each time. Massacre Mill Haunted Trail (Ansonia)- This is a rather new haunt located just north of Greenville. A family farm for generations it also became home, uninvited perhaps, to American history. First, thank you so much for these photos They are so interesting, and for me, wonderful research! So thank you. I am writing a play loosely …
    The post When did new jersey became a state \ Video appeared first on Currency .

    Gambia Finance

Leave a Reply

Your email address will not be published. Required fields are marked *