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Professional indemnity insurance has been designed to protect you in the event of a problem arising with your professional work done previously. Such insurance has become prevalent for numerous professionals in the present litigation culture. If you were contemplating professional indemnity insurance, consider a few imperative aspects before you buy this cover.
What is professional indemnity insurance?
Professional indemnity insurance uae has been designed to protect you in the event of professional error. You might come across a scenario in your professional life where you have faltered in providing a professional skill. In such a situation, an unsatisfied client might look forward to seeking some kind of compensation. It could result in financial implications for you and your business. You would require professional indemnity insurance to take care of the expenses incurred in the litigation.
Why do you need professional indemnity insurance?
Such type of insurance would be relevant to professionals regularly providing advice to their clients or customers. These professionals would also be responsible for the data of the customers and other intellectual property information. It could be regarded as adequate protection against non-physical yet detectable damages. The insurance cover might be voluntary, but it is recommended to buy professional indemnity insurance. It might be mandatory for a few businesses inclusive of IT Consultancy, Accountancy, and Architecture.
How would professional indemnity insurance benefit you?
In the event, you were liable to be challenged in the competency of your work or there is some scope for your services failing to meet the required expectations of the clients, consider buying professional indemnity insurance. It would benefit you immensely. Professional indemnity insurance would cater to you with financial assistance if you were accused of professional negligence, loss of data, misuse of intellectual property, defamation, and dishonesty in your business.
When would professional indemnity insurance come into play?
A few forms of professional indemnity insurance would work based on claims made. It implies that the insurance would cover the claims made during the policy period. In case of an accident, occurring while you hold the policy and the claim has been made after you have discontinued the policy; rest assured that such a claim would not be covered under the policy. On the other hand, if an accident occurred before you hold the policy, but the claim has been made once you have the cover, you could seek protection given by the policy. As every claim would be handled independently, you would have the opportunity to determine the limit of your indemnity.
