A professional indemnity insurance policy is the key instrument that helps practicing professionals to enjoy their working without worrying about third-party claims. In fact, PI insurance policy can be utilized in many different ways to protect professionals from paying a hefty sum of money to clients as a result of an alleged error.
Professionals are eligible for getting coverage when a mistake is made in their professional service and it has further led to disputes between both the service provider and the client. If the dispute becomes complicated, a professional insurance policy will pay for defending a professional’s claims and thus, save his/her career.
An insurance policy is needed most while fixing a mistake, which has happened during delivering services to the client, in order to avoid any further claim. Usually, a professional indemnity insurance policy is used to minimize the trouble between both the parties. Also, a policy pays damages when a professional happens to lose confidential data/documents while providing his/her best possible services.