subject: Professional Indemnity Insurance For All Uk Professionals [print this page] As a professional you always run the risk of getting sued by any of client who might not find your service worthwhile and may drag you to court for a advice or service which may have gone wrong and has caused him a damage or loss! If you are in a profession where every day you have to sell your knowledge or skills, you should seriously consider getting yourself a Professional Indemnity Insurance. Once you get PI Insurance, you will be covered against claims for damages or loss made by any of your client. The PI Insurance also covers claims made by a third party, as also the legal cost of fighting the case!
Almost all UK professionals are required to have a PI insurance cover as a regulatory requirement or just as a part of their professional authorisation. You may be a doctor, lawyer, accountant, freelancer, broker, or financial, the chances of your service going wrong is equal! It is only advisable that be PI Insurance covered. The cost of running a legal case have become so high these days in UK, that without having a PI Insurance, one single claim can financially dislodge your business forever!
As a UK professional, you can get PI Insurance as a Freelancer or for your company with even 5 employees and a turnover of 500,000! Almost all service "" providing individuals must have a PI insurance, this helps to also germinate your reputation, and establish a good relation with your clients too! But make sure you take your insurance from any of the reputed insurance providers of UK. Chances are that you can be misled! There are almost 3,500 broker firms in UK, but only 70 of them are accredited as a Chartered Insurance Broker. Professional Insurance is claim-based and also every policy is specifically designed for specific professions! You also have the opportunity to get a PI quote online without the hassle of lengthy legal paper works, and that too in no time!
Are you thinking does my profession really need Indemnity Insurance? Well, then consider for a moment that your client losses money or suffers a considerable damage because of a mistake you made! You might be confident that you have made nothing wrong, but still you can find yourself defending a lawsuit, and if your clients claim gets upheld, you will have to pay whatever compensation he/she wants! This is exactly when having a PI Insurance comes handy! The insurance will pay for these legal costs and also the compensation. You will come by many clients who will first want to check out whether or not you are PI covered before they even make a contract with you!
The benefit of having a PI Insurance is you are relieved of these tensions that comes with your profession, and thereby increasing your productivity as also the number clients you have! The only thing that a PI Insurance does not cover are criminal procedures and some civil cases. All other claims are all covered by the insurance.
by: Insurance
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