Why is Professional Indemnity Insurance a popular choice?
Professional indemnity insurance (PI) is one of the most popular options of insurance among professionals. Why? Well, it saves their business and their careers at the time of error or omission. When events such as negligence, incorrect advice, misrepresentation and even breach of professional duty take place, you’ll find most patients more concerned about their rights.
It’s unfortunate but true; we live in a ‘no win, no fee’ world and when people are able to, whether it’s your fault or not, will look for any means necessary to see that they’re compensated for any wrongdoing. That’s why, to be on the safe side, it’s imperative that you’re protected with PI that stands up to the PII Regulations of 2013. To give you an idea, take a look at some of the benefits associated with PI.
The Advantages of Professional Indemnity
- Financial Protection – lawsuits are expensive, plain and simple. With professional indemnity insurance however, you don’t need to worry. Defence costs such as lawyers’ fees, court, paperwork etc will all be taken care of. Should the claimant be granted compensation, you’ll also be protected against the cost of that too.
- Peace Of Mind – when you have the ability to carry out the professional services you were trained for with confidence, you’ll see far better results. Whether or not you find yourself held responsible or in the least, being blamed for someone else’s financial or reputational loss, while concerning, won’t be such a mental or financial burden to you or your company as your professional indemnity insurance will provide a helping hand in such scenarios.
- Increased Credibility – being insured with the help of professional indemnity insurance can enhance your brand image hugely. It not only assures clients and investors, but also shows you’re prepared, should you be held accountable or found at fault in a professional manner. Your clients will feel much more confident doing business with you overall.
- More Likelihood Of Winning Contracts – were you aware that some contractors and some government authorities have a condition or clause in place that requires indemnity in place in order to apply for tender? With the correct insurance in place, you immediately increase your chances of winning contracts such as these. There are also some professional bodies that make indemnity mandatory in order to perform certain services
How Servca can add value as your PI Broker
Our team are happy to talk you through all our specialist products whether you are a recruitment agent, lawyer, solicitor, or member of any other professional industry.