For further information on PI Insurance and Professional Indemnity Insurance, please contact Coulson Pritchard Associates on 01480 470220 or visit at www.coulsonpritchard.com
Are you a professional and make a living by offering your professional knowledge or skills to clients? Well! To provide your services in a risk-free environment, you need an effective insurance instrument that can protect you when things go wrong. Professional indemnity insurance helps you when you face a serious financial crunch. In the event if a client asks you for compensation for injury, loss or damages suffered by him/her caused due to your services, you as a practicing professional are liable to pay for the damages caused by you. Professional indemnity insurance pays you the full amount of compensation to a third party who has actually suffered the loss or damages caused by your professional negligence.
Professional Indemnity Insurance protects a professional from three main types of events that may occur in the daily course of services:
Breach of Duty:
The clause explains that if a professional fails to satisfy ethical, legal or moral obligations of his/her clients, they have corresponding rights to ask for the suitable compensation from the service provider. A PI insurance policy indemnifies an insured in case any loss occurs due to the breach of duty during the course of the service offered by the professional.
Negligent Act, Error and Omission:
In this form of insurance cover, an insured can seek relief in the event a client claims compensation for the loss or damages caused by any professional negligence, error or omission while serving the business of the client.
Civil Liability:
Under this clause, a policy holder gets financial protection from an insurer if the claim arises from negligence of civil duties like breach of contract, libel or slender.
Important aspects of a professional indemnity policy are discussed below:
- The duration of the policy is of one year.
- Premium is considered as the running cost of a firm.
- The policy covers the interest of a firm or a professional not the interests of its clients or anybody else.
An insurance policy helps you to face any unpleasant situations that might come in your professional life.
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