Professional Indemnity Insurance (PI) is difficult to comprehend. However, I’ve devised a guide to make professional indemnity insurance simple.
What is Professional Indemnity Insurance?
Professional Indemnity Insurance is a form of business insurance for professionals who are in industries where others may rely on their professional advice. By being regarded as an ‘expert’ in a field, others may seek legal action against you if they suffer a loss from your professional advice.
For example, if you are an accountant and are responsible for preparing and lodging your client’s tax returns, a failure to lodge the tax returns on time can result in interest and penalties for your client. Your client could take legal action against you for a breach of your professional duty.
Professional Indemnity Insurance may protect you from such action by covering claims made against you, including legal defense costs up to your specified amount of cover, and after taking into account your excess (of course, you would need to look at your policy wording to look at what specifically is covered).
Why Do People Hate Thinking About Professional Indemnity Insurance?
Professional Indemnity Insurance forms the largest percentage of your business insurance expenses. Typically, Professional Indemnity Insurance is a time-consuming process taking up to 12 weeks. Again, it’s expensive and most people don’t know if they are getting the best deal.
This is where companies like BizCover steps in to satisfy your Professional Indemnity Insurance needs. BizCover allows you to get live online quotes in under 2 minutes, and purchase in only a couple more. BizCover also allows business professionals to compare policies from leading insurance providers (AIG, Dual and Vero) to make sure that you’re getting the cover you need. By staying online, you are also benefiting from reduced pricing and costs.
So, make sure you visit BizCover Professional Indemnity Insurance for further Professional Indemnity Insurance info, and get a free 2-minute quote!
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I have seen many people on here say that you are automatically covered when your parents have full coverage, including insurance agents. This is not true of all companies. Call your insurance carrier and ask. It is a lot easier than finding out after an accident that you are not covered.
Yeah there is still welfare abuse… I have to concur there. Sadly, protection from abuse has made it harder for people with legitimate problems from getting help (my father, for example, suffers from DDD as well as tumors on his lower lumbar and yet it took almost 2 years before he could qualify for disability).
That said, I still have faith in the government (naive I guess), but that’s only up to the point that this group doesn’t become like the last group (and at last check, they’re close).
Hey smart guy, do we pay a Postal Tax along with the Postal fees? No, if we did I promise you FedEx and UPS would be gone, guaranteed. Look at DHL, the Government literally forced them to shut down domestically because DHL was taking all the business.
Don’t be shocked when you start making less on your paycheck because you just inherited a new healthcare tax and you’re left thinking with WTF!
But I forgot, your kind really think there are things in life that are free… fool.
Yes. Clearly it was the Government that forced DHL to shut down in the US, not the mounting financial instability. *sarcasm*
And I’m not concerned with paying for a “healthcare tax”, mainly because I’m willing to pay it. After all, your taxes already pay for my TriCare. Thanks, bud!