Professional Indemnity (PI) Insurance is the insurance designed to give financial protection to a broad array of professionals, when dissatisfied clients make third party claims. However proficient a professional is, there is always jeopardy of carelessness, errors or omissions, leading to reputation-destroying claims. These claims can be for negligence, infringing on broadcasting rights, copyrights or trademarks, slander, libel, breach of contract, duty or confidentiality, loss of data, damage to documents and dishonesty.
If you take out Professional Indemnity Insurance, it is possible to resolve litigations at the beginning itself, prior to worsening of the situation and you can be tension free. When a claim occurs, you must have an active cover. Although PI market is now in a malleable stage, it can become more rigid.
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