Professional Indemnity Insurance

Should You Buy A Professional Indemnity Insurance Policy?

By December 11, 2020 No Comments

Despite all your care and caution, you can’t always sidestep the trenches. And this could be quite a costly case of negligence if you provide advice or professional services to clients. In case if your client has sustained an injury, damage or financial loss due to the solution you provided, they may decide to sue you. Battling such lawsuits can be financially draining. To that, if you’re ordered to pay an amount as compensation to the client, it could soar the cost exponentially.

This is why more individual professionals like doctors, management and IT consultants,  chartered accountants, and businesses providing professional services to their customers are choosing professional indemnity insurance. This is exactly why you should consider this insurance.

Dont Worry About Legal Cost

Foremost, professional indemnity insurance provides financial protection against legal claims. If you have been sued by your client for any reason (like negligence, breach of contract, or confidentiality, violation of good faith, misrepresentation, incorrect advise, and more), the insurance company will cover the cost of your defense. So, in a way, the insurance provides a net for your business in case if you inadvertently land in a soup.

Focus On Your Service, Not Risks

Peace of mind is another big factor why individual services provider should consider buying professional indemnity insurance. This is especially true for professionals like Give another example. They can work with much liberty without worrying about the financial loss incurred due to possible lawsuits by their consumers. The insurance company has got them covered.

Turn It Into a Marketing Tool

This policy is also a potent marketing tool that can be leveraged to drive sales and build credibility. It adds a trust element in the mix. People are more likely to do business with those whom they know if any discrepancy happens, the professional is insured and the loss they suffered will inevitably be covered. Many What is plumbing company? companies, in fact, market them being insured extensively to edge competitors and attract customers. You can follow suit.

Need More Reasons?

There are many other reasons why professional indemnity insurance policy is no more  optional; reasons why almost every professional, who are looking to scale and sustain their operations, are opting for this policy. It ensures your business is running fluently without any possible legal hiccups. In several industries, having this policy is even mandatory; so, it’s essential for full compliance. Professional indemnity insurance can have several extensions, which can provide you and your business additional protections against various other issues like libel. 

Get in Touch With the Right Insurance Broker

Just like a company should buy company insurance policies, you should have professional indemnity insurance. But, of course, this doesn’t mean you rush to buy any plan from any insurer. A lot of factors should be considered in that decision-making. You don’t want to go for the cheapest policy that provides inadequate coverage. At the same time, you don’t want to overspend either because that would be unnecessary. A licensed insurance broker can help you here. They can navigate you in the right direction, assisting you to buy a policy that matches your budget, as well as coverage requirement. So, get in touch with one such good insurance broker today and get your professional indemnity insurance quickly.

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