Professional Indemnity Insurance
Professional indemnity insurance also known as PI Insurance, provides a wonderful cover to people who do a routine business.
For example, if a third-party says that you have provided wrong advice, design or services to a client. Then Professional indemnity insurance provides a wonderful cover against these claims. This insurance covers the legal cost and expenses in defending the claim and also provides you compensation for the defamation from the client.
Why professional indemnity insurance is necessary?
Negligence is something which comes in naturally to all people. It doesn’t matter how much experience a firm, an organization or a company has. There is always a possibility that a team member or a newbie is going to commit a mistake in some regard. There are scenarios where clients do not stand a mistake from a teammate. In case of a mistake, a third party or a client can sue the company or a person. In such a scenario if there is one thing which is going to save your skin and reputation then it is PI insurance.
What professional indemnity covers?
Best professional indemnity covers you against a lot of things.
· In case, there is a professional negligence in a company or a firm. Or you have made a mistake in a piece of work for the client. Then PI insurance covers you against professional negligence in a professional way.
· In case you have lost the documents or data of a client, having PI Insurance mean you can be saved against legal actions.
· Sometimes it happens that we use the content which is copyrighted. Most of the time people get in the scenarios where copyrighted and plagiarism issues exist. PI insurance UAE can save and cover you against it.
Is it mandatory to have Professional indemnity?
No it is not mandatory to have professional indemnity but it provides a lot of benefits. Considering these benefits it is important that you have professional indemnity cover.
For all those people who are working in an industry where laws and regulations are above everything should definitely go for this insurance. For all the people who are related with accounting, engineering and servicing they should buy professional indemnity ins. With this policy they can save their skin against a claim by a third party or a client. It doesn’t matter how good relations you have with your client. There is always a possibility that you are going to mess up sometime or someday. In such a case it is possible that your client will require a compensation. In such a scenario if you fail to provider compensation then a client can sue you or your company. The only way through which you can save yourself in this situation is by having professional indemnity. When you have this cover then you are saved against client’s claim.
PI is the best for lawyers
With Relation to work of lawyers. They are mostly related with giving advice. A lawyer is also a human, there are chances that he may give wrong information or advice to a client on some occasions. In such a scenario, things can mess up in a worst way possible. In most extreme cases there is a possibility that a client will drag the lawyer into legal processes. Within situation or circumstances like this if a lawyer wants to save his reputation and skin then he needs to have PI insurance. When a lawyer is having this insurance. He can be sure that a third party or a client cannot sue him if he accidentally did give wrong advice or false advice.
Professional liability insurance
Professional indemnity insurance is also called professional liability insurance. This amazing insurance covers a person against a client or third party claim’s. We are aware of the consequences one can face, in case one is dragged into legal proceedings in a law abiding country like UAE. In such a country, it is not possible for a person to save his reputation unless he have insane means.
Negligence is in human nature. Most of the times, it happens that a person fails to abide by the rules and regulations of a company. In such a scenario where a person ends up giving false or wrong information to a client, things can get pretty ugly. In such situations it is always the best idea to have PIinsurance. Having this insurance mean that no one can claim against you even if you are the wrongdoer.
This insurance is a must for engineers, Accountants and lawyers. Mostly they are the people who are involved in giving advises or information’s to third parties or clients.
What PI insurance doesn’t cover?
There are things which a PI insurance does not cover and these include.
It is important when you go to buy this amazing insurance that you read the covered policies in detail. In case you fail to read the covers which this policy is going to give you then the company will not be responsible afterwards.
If you want to have the best professional liability insurance in UAE. It is high time that you get in contact with Alia Insurance Broker in Sharjah. We have the best Professionals in our team, and we definitely know how to devise the best PI insurance for you.
We at Alia Insurance Broker provide other insurances also. Other Insurances are mentioned below :
and many more ….
Alia Insurance Broker
Address: No.605,Al Ghanam Business Center,Al Khalidiya Rd,Al Majaz Area – Sharjah
Phone: 06 568 7474