Imagine this, you are a lawyer and one of your loyal clients reaches out to you to represent them in a case. You accept to represent them amidst the many clients you are working with and you get overwhelmed with work. You end up forgetting to file a motion in the name of your loyal client in due time and they end up in trial instead of the court dismissing a claim against them. Regardless of how well or long you have worked with them in the past, the client decides to sue you for malpractice.
Professionals in specialized fields such as lawyers, doctors, engineers or accountants invest a lot of time and resources into getting education, training, and license to practice in their professions. Their clients then expect a certain standard of service when they approach these professionals and not living up to that standard could lead to costly lawsuits. This is where Professional Indemnity Insurance comes in.
What is covered?
Professional Indemnity Insurance provides liability cover to professionals against claims that may arise as a result of errors, omissions, misrepresentation or negligent advice provided in the course and scope of their professional services or malpractice.
Benefits of Professional Indemnity Insurance
- Financial support
Professional Indemnity policy will cover court judgements awards and legal fees for defending yourself or the business at the court of law. The policy may extend to also cover fees and other expenses that may arise from loss of documents.
- Provides protection in unforeseen circumstances
Professional Indemnity policy will increase confidence in carrying out the professional duty knowing that you have means to defend yourself against any allegations for malpractice and defend your reputation thus enabling individuals and companies to continue trading in successful business.
- Enhances brand image and credibility
Professionals are accountable for their services rendered and Professional Indemnity insurance provides support and enhances goodwill as it prides confidence to your clients and investors knowing that any discrepancies that may arise in course of your duty is covered.
- Increased chances of winning business or employment opportunities
Most employers, contractors and government authorities will put a minimum requirement for having a Professional Indemnity insurance to be considered in tendered businesses or employment.
Building your business or career is probably one aspect of your life that you put in a lot of effort and energy to achieve your goals. It is vital to protect what you have invested so much into hence the need to get a Professional Indemnity cover. Consult our experienced experts about the best coverage option for your professional business by calling 0703099120 or visit https://cic.co.ke/.
