Professional indemnity insurance is an effective instrument that protects professionals and advisors from any kind of third-party claims. For example, a client suffers a monetary loss due to the outcome of an alleged error, negligence or omission, a professional indemnity insurance policy is capable of meeting damages payable to the client. Thus, a professional indemnity policy is important to enjoy a trouble-free professional practice.
What makes a PI insurance policy popular is risk covered in it. A wide variety of different professionals can take the policy and run the risk of being exposed to liabilities that may hamper the day-to-day working. Whether you work as a doctor, engineer, lawyer, broker, architect, translator or any other professional, a good quality PI insurance policy can be a boon for all.
A professional indemnity insurance policy covers professionals from:
Negligence
Loss of Document/Data
Intellectual Property Rights
Libel & Slender
Error or Omission
