Professional Indemnity Insurance - Can You Actually Live Without It?

Friday, 28 January 2011

As a matter of fact, it can be safely asserted that no matter what profession you are in, there are always risks of being accused of doing unethical or unscrupulous business by a client. Such accusations could cause immense damage and bring about negative reputation to a person or a career. Taking all the risks as well as the potential implications into consideration, it is therefore extremely important that one needs a professional indemnity insurance cover. If you are interested to know more about it, please keep reading.

This particular insurance cover will not only protect your career, but also your business and personal image from unscrupulous customers with the malicious intention of damaging your reputation, thereby crippling your business financially. This cover is available for both businesses and individuals in any industry. To be more precise, it will help to maintain their good reputation and at the same time also protect and maintain their deserving respect in the market. Facing a lawsuit will not only damage your reputation severely but it can also financially cripple your profession; hence most professions actually require this kind of insurance.

As a professional it is important to have the indemnity cover to protect your firm and career, especially during instances when a client insists on a claim that is more often than not the result of their own mistake and the client could even try to seek legal redress on the same matter against your firm or against you as an individual. There have been similar cases in the past and without an indemnity insurance cover you are simply exposed to all these threats.

It is advisable to protect your career through insurance from dangers such as loss against stolen or damaged data on a computer or documents by a customer, in cases whereby a customer negligently fails to act or take care of property which eventually causes damage to it. The indemnity cover usually also protects your business in instances whereby a client is by all intents and purpose being dishonest or breaching the contract between your company and the client which includes slander and civil liability.

In some instances, some clients have malicious intentions whereby they use your hard-earned skills to their advantage to get unfair compensation and be paid for damages. In instances where the client loses compensation lawsuit made against you, your cover will indemnify your business. Therefore this indemnity cover protects your reputation, career and skills.

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