Professional Indemnity Insurance- Feel Free to Give More Advices
Professional Indemnity Insurance- Feel Free to Give More Advices
The professional indemnity insurance is a kind of liability insurance which protects the corporate from the several claims put by their clients. Every professional or company wants to provide more and more to its clients and customers to offer more satisfaction. So sometimes in the race of providing more services, they land up in giving false advice or products. The advice if harms the clients then the company will be liable for any financial or physical loss of the client. This is called as professional indemnity insurance policy. The examples include if any accountant forgets to keep a record of financial status of any client then the client can sue the accountant.
All professionals who take the help of this policy include accountants, medical advisors, financial planners, marketers, web-designers and private bankers. Along with this it also includes architects, engineers, graphic-designers, doctors and lawyers. They all ensure themselves that they do not have to worry anymore about their getting bankrupt. However, the professional indemnity insurance policy will not benefit in case if some person shifts to other insurer and still is in contact with old insurer. If old one gets to know about the new or vice-versa then the policy is expected to be cancelled.
However, in the beginning the premiums are high. There are very limited amount of organizations which provide these services. Therefore, a person must go to an insurance advisor and ask for the best insurance providing company and also about the type of insurance one should go for. Thus, this insurance gives protection against the harm that can be done by the professional to the client. This insurance policy thus acts as a cover.
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