Legal Professional Indemnity Insurance

Professional indemnity insurance or pi insurance cover is a kind of insurance protection especially meant for professional specialists such as physicians, architects, engineers, lawyers, accountants and others. In this modern world, the need of indemnity insurance has increased a lot and in some countries, it is mandatory to seek enough protection before starting practicing as professionals.

Legal Professional Indemnity Insurance
Under many laws, it is the responsibility of legal firms to seek adequate insurance against any unforeseen situations until and unless they are exempted from doing so by the Legal Services Board. As an owner of a legal firm, you can approach the Legal Practitioners Liability Committee for getting adequate profession insurance. In fact, in some countries, it is a matter of suspension or cancellation of the practicing rights of a firm.

Legal practitioners can obtain insurance coverage according to their needs and requirements.

Insurance for Independent Contractor

As an inherent part of the nature of your duty as an independent contractor, your job is associated with certain kinds of risks. Insurance for independent contractors is must, to avoid any kind of risks during any commercial venture. Independent contractor insurance offers cover against any specific kind of risk. Depending on the nature of the risk, insurance for independent contractors can be of different kinds.

There are primarily two broader categories of insurance coverage offered to independent contractors, such as business insurance and personal insurance. Business interruption insurance, employers liability insurance, jury service expenses insurance, key man insurance, legal expenses insurance, motor insurance, product liability insurance, professional indemnity insurance, property and contents insurance, public liability insurance, tax investigation and tax loss insurance, travel insurance are some of the examples of business insurance for independent contractors. Insurance covers, such as critical illness insurance, dental insurance, health insurance, income protection insurance, and life insurance come under personal insurance.

Insurance for Management Consultants

The work of a successful management consultant is very crucial. They are trusted for their specialized opinion. Clients look upon them to get vital advice regarding business planning and administration, marketing, staffing, advertisement, and other critical functions. Due to crucial nature of their work, management consultants need some protection that may cover their liabilities quite conveniently.

Insurance for management consultants can partner these experts who sell their opinion and knowledge. It also provides a tool to meet a professional’s special business needs. The insurance package is designed to meet the risk management of management consultants of all types.

Management consultants can seek various insurance policies including business liability insurance package policy, professional liability insurance, workers' compensation insurance, employment practices liability insurance, and umbrella liability insurance t protect their interests.

Professional Liability Insurance

Need for Professional Liability Insurance

Professional liability insurance is needed for all practicing professionals. This insurance instrument helps a person to bear the consequences of the personal loss, valued in terms of money.

Professional Liability Insurance protects a company from any unforeseen claims if the client held the company responsible for errors or for the failure in the work performance as promised in the contract.

It includes the coverage such as legal defense costs irrespective of how baseless the allegations be. Professional insurance pays the damaged party for any resulting judgments which can otherwise be very costly. However, the coverage limits the total amount of the policy taken for protecting the interests and rights.

Professional Liability Insurance coverage extends to all the working professionals and subcontractors, and can be worldwide in scope.

Professional Indemnity – covering your professional risks

Professional Indemnity is an insurance cover taken by policy holders to face any claims for errors, carelessness, violations or loss. Such claims can turn nasty and be financially crippling for your company. So it is better to take out Professional Indemnity (PI) freelance insurance, in spite of it being an additional overhead.

There are customized products at various levels and numerous insurance companies offer competitive rates. Some of these products have no-charge retroactive cover, low excesses and sub-contractor cover. If you cancel during midterm, you will receive pro-rata refunds. It is necessary to identify claims in your particular industry, as it is specific for this industry. Sometimes you may need compulsory indemnity cover, while for Government employees of some countries, it is compulsory to possess minimum indemnity cover.