subject: Pi Insurance Provides Protection From Financial Strains [print this page] Risks are an inevitable part of any profession; hence there are also solutions to combat financial and business risks. Customer satisfaction is the main motive of any concern; hence a business entity has certain legal and ethical responsibilities towards their clients, which if performed earn the business customer loyalty. But under situations where as a result of any negligent act or advice on part of the concern the client undergoes reputational and financial losses the client may sue the company. So it is advisable to be under Pi Insurance coverage for the company to avoid such situations.
Before the importance of an Indemnity Insurance policy is discussed, it is important to know the probable areas of risk for a business-
The company failing to perform their primary duty of care towards their clients.
Unintentionally tampering or trespassing intellectual property rights like copyright, trademark of a client which results in any type of damage to the client.
Damaging or loss of important documents and information provided by the client.
Misappropriation of cash of the client by the company or its representatives.
Negligence of duty by the company or breach of contract with the client or related third party.
Any claims for monetary compensation for losses faced by the client as a consequence of the companys breach of contract can be tactfully avoided if you take the cover of a Professional Indemnity Insurance. A PI insurance policy provides for a fixed sum of money based on the claims for a specific time span. It provides a protection for every professional person in their respective field for their professional skills. Financial and management advisory, legal consultants, insurance brokers, social workers, engineers, solicitors, workers in the medical line, creative workers, IT contractors etc all professionals come under the purview of PI insurance.
Availing PI insurance policies provide assured protection against any type of financial obligation that may be faced by the business regarding the compensation expenses, legal charges and losses. Nowadays there are many insurance brokers and agencies that provide PI insurance assistance and policies online, the leading online insurance brokers in U.K deserve mention for their prompt online services. It has become easy to access the web and get instant Pi insurance quotes and purchase required policies online. Selection of suitable insurance schemes from an array of policies from the different websites and buying them online makes the work faster and easy. So the company can keep away financial strains by a simple click!
by: Insurance
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