Professional indemnity insurance is essential for all practicing professionals. Legally, experts like lawyers, accountants and financial advisors must have adequate PI policies before starting their practices. However, other professionals like consultants, engineers, architects, doctors and freelancers often opt for this policy to get a cover to protect themselves against odds. In fact, people engage in small business take PI insurance to ensure safety of their ventures.
Situations that lead to claims:
In their professional careers, experts may come across situations that can prove a real catastrophe. Despite working hard in the desired manner, professionals may be accused of results that cause losses to clients. PI insurance protects from such claims by providing required financial support.
Issues a business may be exposed to include:
Negligence
Dishonesty
Data Theft
Breach of contract
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