Professional Indemnity: Why Anyone Needs IT?
Who is a Professional?
A person who offers his expertise or opinion to another person on the basis of a skilful character is known as practicing professional. According to the law, a professional can offer his services under the code and conduct, set by the law itself.
However, it is quite true that human is prone towards committing errors. No human activity can be eliminated of error; therefore, mistakes do happen sometimes. Any kind of financial loss arising out a mistake or failure on the part of the professional may benefit the third party. Many a times, even if the professional is not guilt of any error, he is held liable for paying the third party penalty.
Professional indemnity insurance policy has been seen as an effective tool to get the adequate coverage if the professional is made to pay the damages.