For further information on professional indemnity and professional liability insurance, please contact Coulson Pritchard Associates on 01480 470220 or visit at www.coulsonpritchard.com
Every professional who provides advice, services to clients owes a duty of care to them and the other parties involved. This duty of care is stated as ‘reasonable skill and care’ in the contracts. Now, ‘reasonable’ is a word which can be unreasonably exploited and thus, when the client claims money for an allegedly caused negligence or failure of exercises or duty, proving innocence too becomes expensive. This is where professional indemnity insurance comes in handy. Before we actually divulge into explaining the importance of professional indemnity insurance, let’s clearly state as to what it is!
What is professional indemnity insurance?
Professional indemnity insurance is a liability insurance, which provides cover to a consultant for the finances consequences (it includes both the legal costs and other expenses incurred) due to a claim of professional negligence (i.e. breach of duty by error or omission or by negligence) by the client.
Why is professional indemnity needed?
In a professional ambience, one is always susceptible to be charged with ‘professional negligence’ or a breach of duty by error/omission or negligence. A consultant or a professional cannot despise off the claim! So to say, the charges have either to be accepted or defended. In either case, there will be legal costs and expenses for the consultant/professional. Professional indemnity insurance encapsulates the professional in a safety net in such cases. Professional indemnity insurance plays the role of a true friend during such testing times.
Many a times, even after the professional has stopped practice or providing services, he or she is still liable to be charged. In fact, he or she can be held responsible until the end of the contract. Thus, a purchase of professional indemnity is required until the end of a contract and it ensures you from any possible professional complications.
Innocent or guilty, is a matter left to the court of law. Professional indemnity makes sure you aren’t helpless in either case!
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