Legal Professional Indemnity Insurance

Professional indemnity insurance or pi insurance cover is a kind of insurance protection especially meant for professional specialists such as physicians, architects, engineers, lawyers, accountants and others. In this modern world, the need of indemnity insurance has increased a lot and in some countries, it is mandatory to seek enough protection before starting practicing as professionals.

Legal Professional Indemnity Insurance
Under many laws, it is the responsibility of legal firms to seek adequate insurance against any unforeseen situations until and unless they are exempted from doing so by the Legal Services Board. As an owner of a legal firm, you can approach the Legal Practitioners Liability Committee for getting adequate profession insurance. In fact, in some countries, it is a matter of suspension or cancellation of the practicing rights of a firm.

Legal practitioners can obtain insurance coverage according to their needs and requirements.

PI Insurance

Must for All - PI Insurance

PI Insurance provides essential financial protection for a wide range of professionals working in different sectors.

In purpose of seeking pi insurance is to provide financial relief to clients who actually suffer in the normal course of service availed by them. Situation including negligence, error or omission etc can cause an embarrassing moment for a service provider. Professional Indemnity Insurance takes care of the cost of defending claims and any other damage payable.

In today’s world of consumer awareness, clients do not hesitate to pursue a claim if they feel that they have suffered from any kind of financial loss. The need for Professional Indemnity Insurance has started becoming prior importance for professionals.

But on the other hand, some professionals see Professional Indemnity as an expensive and unnecessary overhead; the truth is any professional can produce substantial claims.

Indemnity Insurance

Professional indemnity insurance plays an important role in this fast changing world. Being a professional, you cannot deny the usability and worth of professional indemnity and the safety and security it provides in order to give the professional service to outside party. If you are a practicing professional and have not applied for professional insurance, you may need to understand the benefits of this service.

Think of the far-reaching consequences to a business of an error being made in the translation of an important business contract. Imagine the situation where the significance of a word being misinterpreted in a key business negotiation, scary?

In a world of fast developing and increased litigation, it is important to protect yourself from any unforeseen situations. One way of looking at Professional Indemnity Insurance would be to compare it to driving a car without car insurance. You cannot take the risk of having an accident but if should the unthinkable occur and a mistake is made, you are at least covered financially.