Everything You Need To Know About Professional Indemnity Insurance Coverage
Professional Indemnity (PI) is a crucial component in business and services, designed to protect professionals from financial loss arising from professional negligence or errors. It is a specialised form of coverage that provides precaution for businesses and individuals offering professional services. This article will explore what professional indemnity covers and why it is essential. Who Will Benefit from Professional Indemnity? Professional indemnity coverage is versatile and applicable to individual consultants and large corporations. Whether you are a solo practitioner or part of a publicly listed company, the insurance is made to address the risks associated with your professional services, providing a tailored safety net. What Does Professional Indemnity Insurance Cover? A professional indemnity insurance policy covers settlement and legal costs that may arise due to service errors. The following points outline the specific areas of coverage: 1.) Pr...