Professional indemnity and public liability
Posted by adairsawyer on July 14th, 2013
Professional indemnity and public liability are extremely important types of insurance. In most cases or circumstances a business cannot operate without this type of policy in place. In our ever increasingly litigious society, all businesses are at risk of being held liable for negligence. Public & products liability insurance is there to protect the business or the owner for claims arising from negligence to a third party that causes bodily injury or property damage. Professional indemnity insurance is to protect the business or owner for claims arising from professional negligence, where a third party may suffer a financial loss.
As far as professional indemnity is concerned, all businesses or individuals that provide advice or perform services for other people, should have this type of insurance. Professionals that have professional indemnity insurance may include doctors, accountants, solicitors, stockbrokers, engineers, architects and many others that provide advice or a service for a fee. Professional indemnity policies provide cover for any expenses that arise from legal costs defending a claim, as well as compensation to the third party that brought the claim against you.
To obtain public & products liability or professional indemnity insurance, you can use the services of an online insurance broker, rather than visiting an insurance company directly. Visit an online insurance broker through the internet, provide your contact details and details of your business, they will then use their contacts & expertise to obtain the right insurance policy for your needs at the most competitive premium. Although in the past people have been reluctant to use the internet to source insurance, these days using an online insurance broker is a lot more popular & you get a reliable service, not to mention the time you save.
There are some professions that cannot be practiced without having public & products liability or professional indemnity insurance, being a legal requirement to carry out your job. Some tradesman are not allowed onto construction sites without insurance in place, or for instance can you imagine an accountant not having professional indemnity insurance? Having the correct cover in place provides you with peace of mind, giving you the ability to carry on doing what you do best and not having to worry about insurance.
Probably one of the most unpleasant situations that you may be confronted with as a professional, is providing the wrong advice to a client. Irrespective of whether the loss is minor or considerable, the accusation of professional negligence is a blow to any professional dedicated to his work and who takes great pride in doing his job in the best possible way. Whether you are a business owner employing a lot of people or an individual professional, if you are providing advice for a fee or a personal service, you should have professional indemnity insurance, to protect you as an individual or your business if an employee is negligent.
As professions get increasingly diversified and complex and the responsibilities greater, the professional indemnity and the public liability insurances are the smart person’s tools. At one moment in time, you will find that they will prove themselves to be job, reputation and even business saving policies.
