Benefits of Professional Indemnity Insurance
Professional indemnity (PI) insurance applies to individuals and organizations involved in providing services based extensively on personal knowledge and skills. It protects your business against claims for the loss by a client or a third party if you make mistakes and are found to have been negligent.
Financial protection from lawsuits:
Financial losses from lawsuits can interrupt your business. If you have PI Insurance, all the defence cost is by the insurer itself. Such as costs for the lawyer fee, court cost, filing legal papers and more.
Peace of mind:
Performing professional services with greater confidence brings effective results. If you are being blamed for financial losses that have occurred to the client, this is by the advice that was given. PI insurance will provide you with help and handle all strains.
PI insurance enhances goodwill and brand image. This ensures clients and investors that whatever professional service you are rendering, you are accountable for your service.
More chances to win tenders:
Contractors and government authorities put the condition of having professional indemnity insurance in order to apply for the tender. However, there is a high chance of winning a tender if professional indemnity insurance is placed. Even some professional statutory bodies have asked for this policy as a mandatory standard to perform professional services such as architects, construction workers and more.
PI insurance policies are powerful by adding various extensions such as defamation, loss of documents and more.
The insurer will only respond to claims made while the policy is live. This means you must be insured both at the time the liability arose (when the advice was provided) and at the time of the claim. Professional indemnity has a lot of benefits that I didn’t state but will benefit you in the long term.
How We Can Help!
Speak to a broker today, at Trevellyan we offer PI insurance which is beneficial for you. Contact us today on 0207 537 6603 or leave us an email and we will get back to you with a quote that is right for you and your organisation.
July 20, 2022
May 16, 2022