Professional indemnity insurance is vital for real estate agents, engineers, architects, surveyors, financial advisors, consultants, accountants, lawyers and especially for anyone in the medical industry. It is essential that people in these industries understand their level of liability with both partners and clients. Often the professional liability of a company is greater than the general liability and sufficient indemnity insurance should be taken out to cover this.
Indemnity insurance protects you and your business against claims by clients if you make a mistake or have been negligent. Some policies will also cover any legal costs.
An important factor to keep in mind when taking out insurance is that there could be a long delay between an event and a claim. You should ensure that you will be covered across this entire period. Even if you close the business you are liable for a period of time afterwards and should have indemnity insurance to cover this latency.
Indemnity insurance is a specialist area and professional advice from an experienced insurance broker is essential.
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