Whether you are a professional or you run an organization that provides consultation to people and businesses, there is a good possibility that you know a thing or two about the importance of having professional indemnity insurance. However, what you might not know is the level of indemnity insurance you need?
Since the level of professional indemnity insurance, you opt for can have a significant effect on your business, you must do deep and extensive research before making a final decision. And even after deciding, it is still wise to consult experts in the insurance industry for advice.
If you can do this, chances are, you will pick the right level of insurance for your business. However, if you ignore this and opt for the cheapest one you found or just anyone, two things may happen. First, you may opt for a PI insurance that may not be able to cover you when being sued by a client. Second, you may opt for an overly expensive insurance package by accident.
To make an informed decision when choosing the level of professional indemnity insurance for your business, you are going to need all the help you can get. Read more here for more help: https://allegiance.com.sg/commercial-insurance/professional-indemnity-insurance/
The following article by iproinsure sheds light on some important factors to keep in mind when choosing the level of insurance you need for your business.
What level of professional indemnity insurance do I need?
Professional indemnity insurance can protect your business against a financial claim made against you by a client who believes they have suffered a loss due to poor service or bad advice. It can even cover the cost of your legal defense when you are accused of a mistake, you haven’t made. Read more here.
The above article has broadened your horizons and armed you with some critical factors to consider when choosing the level of professional indemnity insurance for your business. If you are a professional, freelancer, or you offer advice to businesses, and you don’t have professional indemnity insurance, then you should read the next article carefully.
The following article by Marsh shed light on some reasons why every professional should have Professional indemnity insurance.
Professionals and professional service organizations perform in an environment of increased responsibility and accountability. If your organization, employee, or a party you may be legally or contractually responsible for, fails to exercise a competent degree of skill –Read more here.
You likely now know some intricate things about professional indemnity insurance like the professionals that need to opt for it, the level of protection or coverage it offers, and a few other important things. If you need a detailed guide that contains basically everything you need to know about PI insurance, then the next article is for you.
The following article by Digitalrisks is basically a how-to guide to professional indemnity insurance.
A guide to professional indemnity insurance
If a client suffers – or claims to suffer – financial or reputational damage as a result of your advice, your business could face legal action. Even if you’ve done nothing wrong, the cost of defending yourself can be eye-watering. Read more here.
The above article has definitely armed you with some important things you need to know before opting for professional indemnity insurance. You also now know the answers to some frequently asked questions about professional indemnity insurance. Do well to consider your client base and a few other factors to accurately determine the level of protection you need.
Mistakes are inevitable in business. Even if you are super careful, there is a possibility that you may make a mistake that may negatively affect your client’s business. But if you have the right professional indemnity insurance level, your business will not suffer.
Even more, you may not need to spend your precious time trying to resolve the issue with your client. Your insurance company will do all the dirty work for you and help you resolve your issue.
As you likely now know, all business requires different levels of PII coverage. To determine the right one for your business, you have to consider the size of your client base and the contract you get from them. Also, you need to consider the amount of compensation you may have to pay if something goes wrong.