Why You Need Professional Indemnity Cover

​If you have an undertaking that provides expert services to your clientele, it is highly suggested to take out the right insurance.  Continue reading this post to learn more about it.

What is Professional Indemnity Coverage?
PI or Professional Indemnity cover is the protection that you need when your clienteles charge you because they are not contented with your doings. Not a legal requirement, but this policy is essential in helping you save a tremendous amount of money in defending yourself.

Situations that will Require You to Get Professional Indemnity (PI) Cover

• You offer counsel and guidance:  Clients can file a claim against you if a piece of wrong advice was given to them — breach of specific responsibility.
• You provide a professional service: You’ll be in trouble when you make a mistake in planning, calculating, and designing the project. This is also linked to a breach of expert duty.
• You manage people’s data: You need to attend court when you inadvertently divulge information or infringe on a client’s sensitive data. Risks also include damage or loss of data.
• Most clients oblige you to have the coverage: Clients protect their commerce. They want both of you to be on the safer side by having the appropriate covers before finalizing the agreement.
• The cover is a requirement in the company you work for: Be it an association, enterprise, or small business, you need to meet the requirements before you start working with them.

Take note: Be careful about the things that you say or write about your clients. They can sue you for slander or libel when you stain your clients’ public image.

Professions that Need PI Insurance
The following is a full list, but here are some occupations that necessitate PI insurance to give you an idea:

• Accountants
• Business consultants
• IT consultants
• Design and construction professionals
• Interior designers
• Architects
• Surveyors
• Engineers
• Education, coaching, and training staff
• Risk management facilitators
• Town planning officers

Things to Consider When Purchasing PI insurance
Buying a PI insurance plan depends on the trade you’re into. Here are things to keep in mind:

• The value of agreements and projects you manage
• The number of clientele
• The amount you necessitates for defense against the client’s claim and the compensation the appellant gets

Talk to a reliable insurance broker now to get the necessary business insurance plan for your convenience and mental peace. 

At Desmond Insurance, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (859) 491-5100 or Click Here to request a free quote.