Otherwise referred to as PI Insurance or Professional Liability Insurance is a type of insurance cover that a business may procure to protect itself from incurring any losses that may have resulted from professional malpractice. It covers different professional fields including:
Regardless of the number of years you have been practicing in your profession, there is always a possibility of making a mistake either because of due diligence or unintentionally. Either way, such mistakes could result to losses that could run well into millions in damages.
This is why every business that is tasked with the responsibility of offering services while leveraging through the professional skills of an individual must ensure that it protects itself from the possibility of clients making claims that could lead to losses.
In some cases, the losses incurred by a client could be either because of:
However, whatever the reason may be, organisations are advised to always stay a step ahead. They can do this by ensuring that they purchase a professional indemnity cover that will go a long way on protecting, not only the professional offering the services but the business itself from any unforeseen future events. Such events may arise causing huge financial burdens and losses to the business.
This policy is responsible for protecting professionals from any form of legal liability for acts of malpractice or negligence that may lead to any form of losses. A standard package of PI Insurance should cover: