5 Things To Ask Yourself Before You Buy Professional Indemnity Insurance
The What, When, How, Where and Why Guide to Indemnity Insurance for professionals.Professional Indemnity Insurance is designed to protect you when a problem arises with any professional work you have done. In today’s litigation culture, this form of insurance is becoming increasingly relevant for a range of professions.
Are you thinking about Professional Indemnity Insurance?
Before you buy, it pays to consider the crucial 5 questions:
What exactly is Professional Indemnity Insurance?
Professional Indemnity (PI) Insurance is designed to protect you in the case of professional error. In the course of your working life an instance may occur where unfortunately, the professional skill you exhibit is deemed inadequate. In this situation, a dissatisfied client may seek some form of compensation, resulting in financial implications for you and your business. This is where PI Insurance comes in: it provides financial support for defence costs, withheld fees and any compensation which may be awarded against you. In simple terms, Professional Indemnity Insurance is financial protection against professional error.
Why do I require PI Insurance?