Before becoming a professional, people go through years of schooling and studying to be an expert in a certain field. They even need to secure licenses and certificates which prove their expertise and knowledge in the field they have chosen to practice.
Consultants, engineers, architects and accountants, among many other professions, are required to comply with various rules and policies that their professions entail. And sometimes, there are moments when these professionals are challenged based on some claims of alleged inadequate services. During these times, what professionals need to contact is an indemnity insurance broker who will be there to negotiate for them.
What Is Professional Indemnity Insurance?
As experts, professionals are expected to be knowledgeable enough to provide for their clients’ needs for advice and opinion. And if their service is questioned along the lines of inadequacy, incorrectness or inappropriateness among others, their fall-back is through the aid of a professional broker who will be there to negotiate for them. This type of insurance is also required in some areas to meet certain regulatory requirements relating to the profession. And as a professional, you need this insurance to protect your properties and reputation should there be a claim against your service.
Who Gives Professional Indemnity Insurance?
There are insurance brokers who specialize in professional indemnity. They provide services such as advising on the management of risk, the claims and management of the circumstances, counselling you in terms of the strategy or approach of handling any claim against you, interpreting the words stipulated policies and to generally guide you in handling any claim against your expertise. There are known brokers who have been in the field and have helped a lot of professionals in handling claims. One of which is Bovill Risk and Insurance Consultants or BRIC. The BRIC professional indemnity insurance brokers are capable of providing you with your needs and are definitely skilled in negotiating and consulting that would help in handling claims against you.
Who Needs Professional Indemnity Insurance?
The professions in need of this type of insurance are those who offer services such as consultation and advice. These cover property surveyors, engineers, designers, accountants, consultants in business and IT and basically all professions who give out their professional opinion on their field of expertise.
What Types Of Claims Are Covered By A Professional Indemnity Insurance?
Professionals can face various claims against them. One of which is negligence such as losing documentations of confidential nature or accidentally giving out information that is deemed confidential by the client. Another possible claim is a violation of confidentiality agreement or instances wherein a professional allegedly shared information or data on purpose without permission or authority from the client. One more type of claim that can be hauled against the professional is a breach of rights in terms of intellectual properties of the client. An example of this is unauthorized printing of images that are under copyright.
In the world of professionals, there can be cases that would really challenge your abilities and question whether you have done misconducts or was negligent with your job. Professionals need protection, too. And getting yourself expert insurance brokers is one way to handle these events.