Thursday, December 18, 2008

Professional Indemnity Insurance – safeguarding the professionals

Professional Indemnity Insurance gives monetary safeguard for active professionals and advisers. This policy covers the compensation you may need to pay for third party claims and also the legal costs incurred to fix these claims like negligence, civil liability, violation of confidentiality or duty or any other claims.

If required these insurance companies offer expertise of their claims staff with knowledge of the insurers’ industry and even skilled legal staff for the defense of insurer. You can seek the aid of insurance broker or company to determine covers required in your particular profession to protect you from all possible disputes. In various countries, requirements of Professional Indemnity Insurance (PI) are varied, so you must make sure that you have the whole cover you may require.