How Risk Management Insurance Helps You

Error Saving Reaction

How Risk Management Insurance Helps You

Professional Indemnity Insurance is a very important for all those businesses and services that offer professional advice to their clients. It is a financial product that is designed to compensate your business against any damage that may accrue from a claim made against your business for neglect of duty, errors or omissions. What this means is that a PI Insurance covers your business against any loss that may occur due to the negligence caused by your business.

Who can be covered under Professional Indemnity Insurance

All businesses and professions that offer professional advice should consider taking a PI Insurance. Some of the professions include architects, solicitors, insurance brokers, engineers, computer consultants, accountants, independent financial advisors and others. Even organizations that provide professional advice as a part of their service should also consider taking a Professional Indemnity Insurance cover. There are some professions that are mandated by law to take a PI insurance cover. These include financial advisors, solicitors, accountants, environment consultants, building surveyors, etc.

Need for PI Insurance

PI insurance is an ideal Risk management insurance product that protects your business against any loss arising out of professional negligence. Without this insurance product it can be very difficult for companies and individuals who may be exposed to huge claims by unhappy clients. This may destroy you financially and tarnish your reputation in the market place. With growing customer awareness, there is a huge raise in customer expectations as well. This at times can lead to a dispute with clients. Having a Risk management insurance protects your business against such risks. There are times when you may not be at fault but the fact is it can cost you a lot of money to defend yourself legally by way of fees and other expenses.

When can PI Insurance help you?

A Professional Indemnity Insurance cover can protect your business against claims made in cases of professional negligence on your part, breach of contract from your side, any kind of libel or slander, loss of data provided by the client, any unintentional infringement of intellectual property rights that may cause a loss to your client or if any of your employees are guilty of misappropriating your client's money.

In the current market scenario, it is important that you safeguard your business against any kind of claims made by clients. If you are not covered for PI Insurance, you should seriously consider contacting a reputed provider for Professional Indemnity Insurance.

 

Views: 5272
0
0
0
Author: Regular Articles

James A Wilson has experience in insurance sector for more than 10 years and wrote many articles on business liability insurance, employers liability insurance & commercial property insurance to help people in finding the best suitable insurance for their needs.




Tell a friend
Average rating:
(0 votes)
Average rating from Reviews:
(0 votes)

Write a review

Reviews

Zacks Industry Outlook Highlights: Freeport-McMoRan, Newmont Mining, Golden Star Resources, Randgold Resources and Kinross Gold

Zacks Industry Outlook Highlights: Freeport-McMoRan, Newmont Mining, Golden Star Resources, Randgold Resources and Kinross Gold Read More

Gold Mining Stock Outlook - Sept. 2017

Gold Mining Stock Outlook - Sept. 2017 Read More

Why Freeport-McMoran (FCX) Stock Might be a Great Pick

Freeport-McMoran (FCX) is seeing solid earnings estimate revision activity, and is a great company from a Zacks Industry Rank perspective. Read More

Friend of slain Georgia Tech student: 'If Scout was more gender-conforming, would it have been different?'

Scout Schultz, a Georgia Tech student, was shot by campus police on Saturday night, and a protest two days later led to arrests. In the aftermath of those events, Yahoo Lifestyle talked to a friend... Read More

How to Make Healthy Leftover Turkey Tacos

These tacos get a healthy makeover by using turkey as the main lean protein. It all comes together with some beans, avocado, and a little cheese. Watch the video to learn how to make this easy... Read More

Little People, Big World's Audrey Roloff Just Gave Birth to Her First Child

It's a girl! Read More

Mel Brooks: ‘Blazing Saddles’ Would Never Be Made in Today’s ‘Stupidly Politically Correct’ Culture

“Blazing Saddles” may be a groundbreaking comedy, but director Mel Brooks doesn’t think Hollywood would make the iconic Western parody in this current “stupidly politically correct” climate. The... Read More

Box Office: 'Kingsman: The Golden Circle' Unseats 'It' as 'Lego Ninjago' Disappoints

Kingsman: The Golden Circle is the new ruler of the box office. The sequel from Fox is expected to earn $39 million this weekend from 4,003 locations. That’s slightly below where tracking had... Read More

Bradley Cooper-Lady Gaga’s ‘Star Is Born’ Moves to May 2018

Warner Bros.’ “A Star Is Born” remake starring Stefani Germanotta (Lady Gaga) and Bradley Cooper, who is also directing, is moving up its release to May 18, 2018. The pic was originally set to open... Read More

White House officials defend Trump, say athletes 'can do free speech on their own time'

Treasury Secretary Steve Mnuchin defended Trump’s call for NFL players who kneel during the national anthem to be suspended or fired. “It’s not about free speech,” Mnucin said Sunday. “They can do... Read More

In wake of U.N. speech, Kim calls Trump a ‘dotard.’ Trump fires back at ‘madman.’

President Trump and North Korean leader Kim Jong Un have unleashed personal attacks on one another after the U.S. commander in chief’s speech at the United Nations. “Kim Jong Un of North Korea,... Read More

As Russia probe turns to fake Facebook ads, Trump follows with a tweet

President Trump continued his efforts to belittle accusations of Russian meddling in the 2016 election on Friday, turning to the latest set of charges, involving targeted political ads placed on... Read More

Reluctant champion: How Nadia Murad has become the international face of Yazidi suffering – and resilience

Weeks earlier, Nadia Murad had been ripped from her village by Islamic State (ISIS) fighters who murdered her family and took her captive. Along with other young Yazidi women, she was transported... Read More

Readers write: The work of downsizing, evidence of climate change, hopeful coverage on famine

Regarding the Aug. 21 Monitor Daily story “Home prices, and a thought shift, give ‘small living’ a boost”: Interesting concept. My friend has done it, downsizing and living in a tiny apartment.... Read More

Time for the world to step up on Rohingya issue, Aung San Suu Kyi’s astounding hypocrisy, Irma’s destruction in Britain’s Caribbean islands, The US should stop saber rattling, On the Nadal-Federer comeback

“It is high time the world made an all-out effort to stop the ongoing pogrom against Myanmar’s minority Rohingya...,” writes Mohammad Amjad Hossain. “The pogrom resembles those crimes perpetrated... Read More