Professionals are people rendering different kinds of services. They may be doctors, engineers, chartered accountants, architects, financial consultants, lawyers or stock brokers. They are specialists in a particular field and perform a service or render advice for a fee.
Most of them however, do not realize that they face great risk in the course of their service due to any error or omission on their part. An untoward incident may occur and the affected party may hold the professional responsible for the loss. Such a claim would prove to be a great burden and may even lead to financial ruin. All the years of hard work put in may come to naught. Professional indemnity insurance coverage protects the professional from such claims arising from third parties.
Certain professionals like doctors are considered to be in the ‘high risk’ category as the chances for lawsuits against them are higher and insurance premium rates for such people would be more expensive.
Generally, a professional indemnity insurance policy clearly states that there are certain points which are not covered by the policy. Some of them are -
In a technology driven world, getting information, comparing rates and even buying insurance is a simple task. People who wish to take professional indemnity insurance do not have to visit insurers’ offices nor do they need to make phone calls to get details of professional indemnity insurance coverage provided by each. All that the professional has to do is log on to the internet and look for web sites which provide professional indemnity insurance online or sites which give comparative quotes for professional indemnity insurance coverage offered by different insurers. From the comfort of his office or home, the professional can know the inclusions and exclusions of the policy, the insurance rates and can select the policy with the best terms.
It would be advisable for professionals to have adequate professional indemnity insurance coverage. They then would not have to worry about clients filing lawsuits against them. All they need to do is pay the premium on time and go about their work in a diligent manner.