- Saturday, June 21, 2008, 9:59
- Professional Indemnity (PI)
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Today’s professionals operate in an environment of increased responsibility and accountability; a situation which can lead professionals into serious legal pitfalls. More and more professionals now accept the likelihood that they may face litigation at some stage during their career and wisely, they are seeking protection in the form of professional indemnity insurance
Crippling Risk
Any professional person or consultant providing advice or services is exposed to claims of a ‘professional indemnity’ nature. Incurring legal liability can prove financially crippling to a professional’s business, and this damage is often compounded by loss of reputation. Even when a professional has been cleared of any liability to compensate a claimant, the cost of defending such a claim is onerous and seldom fully recovered
What does Professional Indemnity (or Professional Liability Insurance)?
It covers Legal Liability and Legal Cost and Expenses
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