Professional indemnity insurance, commonly known as indemnity insurance, is generally the special policy that provides monetary coverage for the professional practitioners. The need of professional indemnity arises when the customers claim against the professional practitioner with the charges of negligence, libel, dishonesty, fraud or defamation.
Professional indemnity insurance simply ensures that you get optimum cover at the time of emergency. It provides different benefits to the professionals and some of these benefits are listed below:
This insurance covers all the costs of fixing your mistakes so as to avoid unwanted huge amounts of claims.
The professional indemnity insurance also provides protection to your personal assets that usually get attached while paying off the compensation claims of the second party in case they have suffered any loss of intellectual property rights of theft.
Even when any dispute has occurred between you and the other party, you are provided a complete assistance in order to get out of the dispute at the earliest.
Therefore, professional indemnity insurance can save your professional life in the best possible way.
3 comments:
Definitely P.I.I. can offer peace of mind for both you and the client. The client will be happy that if any of your advice causes them a loss they can make a claim and it will be paid by your insurance company. And you also have the backup that if in any of your advice is wrong, your insurance will be able to pay the claim made against you.
Regards...
Affordable Health Insurance Florida
I do find this policy a great help for all the professionals to have protection against the charges of negligence, fraud or defamation made by customers. I am too also involved in a servicing business and to save my professional life in best possible way I will make out this policy.
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Pi insurance is mainly designed for professional practitioners in UK. This is very important blog for me because i am beginner in this field. Thank you very much for posting this blog..
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