Accountability is an important feature of our society. After all, when mistakes or accidents happen, it is our nature to want to hold the responsible parties accountable and to ensure that something is learned for the future.
The notion of accountability is important in the business world too. Does your business have a plan in the event that a mistake of a professional nature is made?
Part of this plan should involve speaking to an insurer about your options when it comes to professional indemnity (PI) insurance.
This area of insurance can be complex. In brief, the intention of PI insurance is to offer cover for any employees providing advice or services of a professional nature. Certain industries even make PI insurance a requirement to register your organisation and practice in a particular field.
In the event that a claim is brought against a company, its employees, principals or partners, this type of insurance offers protection.
You may even wish to speak to your insurer about customising your PI insurance policy so that it suits the specific needs and requirements of your organisation – including protection for any costs you incur while defending your case, as well as settlements, judgements and other expenses related to the investigation.
With niche products like professional indemnity insurance, it is always best to speak to an expert to ensure that your policy meets the specific requirements of your organisation and industry – and that you won’t be caught by surprise in the event that you need to make a claim in the future.
An expert insurance broker can also help you determine whether or not professional indemnity insurance can be combined into your existing business insurance policy, and can also help you navigate through hundreds of pages of paperwork and policy documents to find the cover that best suits your needs.