Professional Indemnity Insurance (PI)
A professional cannot ignore an accusation of negligence; the allegation must be defended or admitted. In either case, there will be cost implications. In today's litigious age where 'claim' often follows 'blame' having adequate Professional Indemnity Insurance cover which can protect the individual and the business from the financial fallout of such claims is imperative.
Professional Indemnity insurance cover is designed to indemnify the insured professional against pecuniary losses arising out of, a negligent act and/or error or omission, which causes loss to be suffered by his / her client or a third-party.
In today’s service-driven economy, it is crucial for professionals, and those providing specialist advice, to employ specialised knowledge, skill and care in their business dealings with their clients. These professionals must exercise a degree of care and skill which is reasonably expected of any competent practitioner in that particular profession.