Who Needs Professional Indemnity Insurance (or PI Insurnace)? People who work in service-related occupations, such as architects, financial planners, investment bankers, accountants, engineers, IT professionals, doctors, and medical professionals benefit the most from professional indemnity insurance, otherwise known as PI insurance. A Preventative Measure PI insurance is a preventative measure against lawsuits that arise as the result of the negligence of a professional or someone on his staff. The policy covers the professional or his [...]
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Don’t buy any Insurance until you do Some Research Whether you are a professional, such as a lawyer or accountant, or work as a subcontractor in the construction field, you can’t overlook the importance of professional indemnity insurance (also referred to as errors and omissions insurance). You’ve worked hard to establish yourself in your profession, so errors and omissions insurance (or E&O insurance) is necessary coverage. Therefore, when you are considering purchasing a policy, you’ll [...]
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Don’t Risk your Practice or Reputation Not even the most committed professional is immune from liability. Therefore, make sure you are covered from any claims arising from an unhappy customer or client by taking out professional indemnity insurance. Probably, the most well-known professional indemnity insurance coverage is medical malpractice insurance. This type of coverage is often expensive. However, not purchasing insurance coverage can be even more costly as you stand to lose your practice and [...]
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A General Definition If you are in a professional job, such as a doctor, lawyer, architect, or accountant, then you will, no doubt, need liability coverage. Professional liability insurance, also known as professional indemnity insurance, is designed to cover a professional person against any alleged negligence in the execution of his duties. Besides the aforementioned occupations, professional liability insurance or professional indemnity coverage also protects individuals working in the fields of engineering, education, and a [...]
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Errors and Omissions Coverage Professional indemnity insurance is provided for certain professionals in one of two forms. Errors and omissions insurance is taken out by legal, real estate, engineering, architectural, and financial professionals to safeguard them against allegations of negligence. Therefore, it’s often purchased by lawyers, stockbrokers, insurance agents, and real estate agents. A Popular Type of Professional Indemnity Insurance – Medical Malpractice Insurance Medical malpractice insurance is the most recognized type of professional indemnity [...]
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Professional indemnity insurance is insurance protection that is offered to individuals, such as physicians, who stand a higher chance of being sued because of their profession. It is often referred to as professional negligence or professional liability insurance. Besides physicians, other professional people who can benefit by taking out professional indemnity insurance include: Attorneys; Real estate agents; Stockbrokers; or Insurance agents If you work in an occupation where you could be found guilty of malpractice [...]
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