People engaged in providing their professional advices should take professional indemnity insurance. The insurance policy protects professionals from all odds in situations when things fail to perform as per expectations. No matter, how hard a professional has worked, if the result won’t be satisfactory, he/she can be accused for the losses caused to a client. A professional indemnity insurance policy helps professionals to get adequate financial support as well as for legal liabilities as well.
Professional insurance policy covers the cost of any compensation claim sought by a client arises out of negligence, omission or error during the period of services given to him/her.
Every professional takes PI cover nowadays. In fact, the governments of many countries like UK have made it mandatory for professionals to take professional indemnity policies before initiating their private practice.