Things to Keep in Mind When Buying Professional Indemnity Insurance Policy
Things to Keep in Mind When Buying Professional Indemnity Insurance Policy
A professional indemnity insurance policy is a policy which is taken by businesses and professionals to protect from legal liabilities which can arise from claims of loss, damage, negligence or injury which are made by clients and third parties. The policy is very essential for all professionals like doctors and architects and lawyers. There are some essential things which need to be kept in mind when one is taking a professional indemnity insurance policy.
The first and the foremost thing that needs to be seen is the type of business so that one can take a policy which suits their nature of work and get protection from the things that can go wrong in their case. Another thing to see is the risk of claims so that they can adequately decide on the sum insured and pay the premium for the sum insured that is necessary for their business. The amount of question and the types of claims also need to be considered when deciding the cover that one is opting for. A proper analysis of the work is necessary to get the best cover for the business which will protect the interests of the company.
The simple answer is that the organisation wants to be certain that if you fail in your duty of care (a technical term for making a mistake and, let's be honest, everyone makes mistakes occasionally) then the money will be there to put that mistake right and compensate for any lost revenue and/or additional costs.
And who can blame them? Particularly in today's complex business world where large projects often involve a network of interrelated contractual relationships and any individual business might be both a client and a supplier. Given how quickly claims and counter-claims can fly if something does go wrong, it's hardly surprising that everyone want to ensure that every base is covered.
Even in situations where potential clients don't make it a contractual requirement, your professional indemnity insurance can still work in your favour. It stands as a mark of your professionalism, it shows that you've thought about what you do, it indicates that your business is a solid and reputable one
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