The importance of insurance in our daily lives cannot be ignored. Buying an insurance cover is no longer an option; rather it is one of the bare necessities of life. Insurance pervades in ever sphere of human existence. We can insure everything we want, be it our properties, assets, health, and not to forget our own profession. Just like our other properties, our profession is an asset and perhaps the most important one. It is something that lays down the basic foundation of our existence and is the seed where we reap rewards our all amenities we afford.
We as human beings are susceptible to mistakes. But when it is the question of making mistake in our professional code of conduct, our self confidence gets better of us. We are reluctant to admit that we are capable of making mistakes, intentional or otherwise. And the instances are not rare when our negligence in course of professional service costs the clients financially only to get you bombarded with hefty compensatory claims.
In such a situation, professional indemnity insurance indemnifies the policyholder against losses and financial claims incurred due to negligence, error or omission in course of his service. A good number of professionals like lawyers, real estate brokers and architects resort to a professional indemnity insurance so as to protect their business needs.
While you opt in for the policy make sure you go through the initial disclosure document. This would help you assess the scope of the policy and the terms and conditions applied therein. While leafing across the disclosure document, make sure that your insurance policy provider is registered under the regulatory body acting in your nation.
A good number of folks are of the opinion that a profession indemnity cover is an additional overhead expense without any tangible benefit. However, with the increase in consumer awareness, people are more concerned about the kind of service they receive. It makes sense to buy a professional indemnity cover to protect long term interest of your business.
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