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Protection At The Hands Of Professional Indemnity Insurance
Professional indemnity insurance protects a business owner or a professional from any unintended negative consequences of the services that the business provides. Every business professional should consider obtaining such a policy. It may save a financial advisor from being ruined in case a client sues him for losses suffered due to following the advisor’s suggestions. In the medical field where a lot of the treatments are based on the doctor’s knowledge of an illness and its remedy, it can provide protection in case the recommended treatment harms the patient. Whenever a business professional supplies the his advice to a client and, through no fault of his own, his client suffers a loss of profits as a result of following the advice he gave, indemnity insurance can shoulder the responsibility that the business professional needs to compensate with his client without using up any of his assets.
Professional indemnity insurance covers the effects of a professional’s use of his skill. Depending on the level of complexity of the issue, legal fees alone may reach astronomical proportions. Between depositions, fact-finding interviews, as well as expert testimony with respect to the professional, legal costscan pile up even before the case goes to court. This insurance covers the professional’s legal fees including the trial costs. Should the case reach a negotiation, either before or after the trial, this insurance will pay the resulting claim.
Smart business professionals understand the significance of maintaining their insurance coverage. Professional indemnity insurance does not cover claims that occur after the policy contract lapses. Experts advise that a business professional should maintain his insurance coverage well into his retirement. Often, a customer is not conscious of the damage he has suffered until several years after receiving the professional service. Thus, the resulting lawsuit might occur even after a business professional retires; and if the coverage is not maintained, a business professional may find himself facing a costly lawsuit instead of quiet days spent fishing.
To know more about professional indemnity insurance, visit http://professionalindemnityinsurancequote.com.au/