Professionals in every industry need the freedom to act and advise in the best interests of their clients and business without the fear of unintended consequences.
Mistake can happen even you are an expert in your field and if the professional advice has caused a financial loss to your customer, they can sue you.
In the current litigious environment, it makes it essential for service providers to protect themselves from allegations of negligent acts, errors, and omissions. Even if a lawsuit is without merit, defense and impact on reputation can be costly.
Professional Indemnity (PI) insurance protects your business against claims for loss or damage made by a client or third party. Key coverage under this insurance are
It is important to remember that professional liability insurance doesn’t cover everything. For example, it will not help your business with these kinds of claims:
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