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Professional Indemnity Insurance Is Much Needed Added Protection
Professional indemnity insurance is vital for any professional engaged in providing advice, recommendations, working together on projects with the client, for those in the financial and legal fields and so on. But when it comes to the finance, technology and legal professions, the risk premiums tend to go up substantially. The main reason given by insurance service providers is that the exposure to claims from clients in these professions are far greater and higher in monetary terms and they would therefore like to play safe when covering professionals in these fields.
There is another danger that IT professionals face. After handing over a particular project duly developed, dishonest clients might not want to pay for it. They would then come out with claims saying that the particular application or solution designed by the professional was not what they had in mind. This would expose the professional to not only compensation claims but he or she would also be denied his due payment for the service rendered. Moreover, when such a case is dragged to the court and if you find a judge who is not very savvy with technology, things can turn very sour. This is when appropriate professional indemnity insurance comes in very handy.
This is not to say that other professions are in any manner less prone to claims from clients. Whether it is construction or engineering or even healthcare, the risks do exist and it is the duty of every professional to have adequate cover against any potential claims filed against them. But the fact that customer or client expectations in the fields of technology and finance are still not clearly laid out or defined makes these professions more susceptible to a large number of claims of high value. The clients making the claims generally ascribe the losses they have suffered due to acts of 'errors and omissions' on the part of the professional engaged with them.
Though most policies though work on 'claims-made' basis and that means you would be covered only during the tenure of the policy, you can work out policies which ensure that you are covered long after the service has been provided to the client or even after you have retired from active service. Yes, even if there is a problem that the client has faced after some years and attributes it to your lack of professional competence, the policy would be able to offer you protection. You can discuss with your insurance consultant as to which policy and of what tenure would be ideal for you. The reliability factor is thus excellent in the case of these policies. After all, you would not want to be disturbed by a retroactive claim surfacing suddenly and spoiling your peace.
Professional indemnity insurance may be considered expensive by some. They have reason to believe that their contract terms on their own provide enough protection to them against the possibilities mentioned above. But since they might not always hold up in a court of law, it is always better to have added cover and protection.
Author Resource:-
Neil Anderson is a UK based finance specialist who provides advice and information about a wide range of products including a professional indemnity insurance quote. Find out more by visiting his preferred website Flint Insurance.
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