Professional indemnity insurance. It’s regularly spoken about and everybody is encouraged to take it out, and in many places it’s compulsory. However, what does it actually do? Is it of any use or is it just one of those things that has to be paid for despite the fact that it has no real use? Well, the truth is that it’s one of the most important things any professional should have.
To start with, don’t turn away from getting those professional indemnity insurance quotes because in a world where everybody sues everybody for anything it’s vital to have this defence. To put it simply, professional indemnity protects against anybody suing the individual if they receive any negative impacts due to the advice given out by a professional.
By professional it means solicitors, bankers, doctors, and any other positions of major importance. For example, if a doctor suggested undergoing major surgery and the patient died and then the family of the patient discovered the patient didn’t actually need the surgery then they could potentially sue the doctor. This is where professional indemnity would come in as it’s designed to protect against legal cases due to bad advice.
The same thing can happen to a solicitor or a stock broker too. For example, if an investor suggested to their clients that they should buy shares in a certain company and the company ended up costing the individual thousands then they might decide to sue the stock broker. Never underestimate people as in this day and age as its common practice to sue people wherever possible. It’s silly to put one’s livelihood at risk to save a few pounds in the short term as this form of insurance could end up saving thousands in the long run.
The best way to go about getting this insurance is to get a range of professional indemnity insurance quotes from a comparison site. This should narrow it down to just a few insurance companies. Then talk to each company individually to see which one provides the most value for money. Just remember that quality should always come before cost.
Smart people get their professional indemnity insurance from Specialistrisks