By Jhon Hilton
Professional indemnity insurance refers to the insurance that protects professionals and businesses that provide services and/or advice to their customers. If a customer were to claim damages arising out of an act or omission in the course of your business, this insurance would cover the claims as well as the legal costs involved. No matter how careful we are, some acts, omissions or mistakes on our part could cause financial loss to our customers. Injury to a customer arising out of our negligence is also something that might happen in the course of our professional duty. In such situations, the third party, or in this case, the customer would take legal action against you. Such legal proceedings are not only going to cost you professional time and money, but it would also put your reputation at risk. This insurance is specifically designed to protect professionals in such a scenario. Let's take a brief look into why this insurance is important for all professionals, and what it has to offer.
Safeguard Assets
'To err is human'. No matter how good you are at what you do, there might be times when you could commit mistakes. It might be due to some stress or some worry in the back of head. Since such a situation could affect anybody, it becomes important that we get ourselves insured. Such insurance would cover the whole of the claims as well as the legal costs, if a customer were to claim damages, and hence would protect our financial resources. As you all know, legal matters, especially in such cases can cost millions of dollars. With the right insurance, you could protect both yourself and your business.
'To err is human'. No matter how good you are at what you do, there might be times when you could commit mistakes. It might be due to some stress or some worry in the back of head. Since such a situation could affect anybody, it becomes important that we get ourselves insured. Such insurance would cover the whole of the claims as well as the legal costs, if a customer were to claim damages, and hence would protect our financial resources. As you all know, legal matters, especially in such cases can cost millions of dollars. With the right insurance, you could protect both yourself and your business.
Peace of Mind
When you have a solid insurance backing you up, you would have a better mindset to go about your duties. It would give you the confidence that even in the worst case scenario, you, your business and your customers, would be taken care of. This would actually contribute to lesser mistakes in the course of your duties. This insurance would not only cover your actions, omissions and mistakes, but also that of your employees, partners, directors or other related professionals.
When you have a solid insurance backing you up, you would have a better mindset to go about your duties. It would give you the confidence that even in the worst case scenario, you, your business and your customers, would be taken care of. This would actually contribute to lesser mistakes in the course of your duties. This insurance would not only cover your actions, omissions and mistakes, but also that of your employees, partners, directors or other related professionals.
Public Indemnity
Through this insurance, you can be sure that your customers are also protected. There is also another insurance known as public indemnity insurance which protects not only your customers but also visitors to your workplace and the general public that may suffer financial damages or injury due to the actions, omissions or negligence arising out of your business activities. This insurance would be perfect for a business that receives many visitors to its workplace. If your actions or omissions could affect the general public, then this would be the insurance to look out for.
Through this insurance, you can be sure that your customers are also protected. There is also another insurance known as public indemnity insurance which protects not only your customers but also visitors to your workplace and the general public that may suffer financial damages or injury due to the actions, omissions or negligence arising out of your business activities. This insurance would be perfect for a business that receives many visitors to its workplace. If your actions or omissions could affect the general public, then this would be the insurance to look out for.
Author explains the features of professional indemnity insurance and how can protect own business or professinal life with business insurance around the world.
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