Professional indemnity insurance is a kind of insurance cover that provides financial assistance to practicing professionals. The financial cover helps the professional during an event of an error that leads to monetary damages to clients.
Anyone from accountants, lawyers, architects, engineers, consultants to designers can take indemnity insurance policies to eliminate their risks from their professional lives.
A professional should buy a professional indemnity insurance policy mainly for two reasons:
To get an insurance cover that protects a professional from claims made against a company. When a client claims a compensation for the damages caused by the services offered by a professional, an insurance company takes the full responsibility of providing the financial assistance to clients.
Nowadays, many clients insist on having an insurance cover prior to the signing of a contract with a professional.
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