The Benefits of Professional Indemnity

The Benefits of Professional Indemnity

The Benefits of Professional Indemnity

28 Jan 2019

PI is one of the most popular options of insurance among professionals, it protects businesses against errors & ommissions.

Why is Professional Indemnity Insurance a popular choice?

Professional indemnity insurance (PI) is one of the most popular options of insurance among professionals. Why? Well, it saves their business and their careers at the time of error or omission. When events such as negligence, incorrect advice, misrepresentation and even breach of professional duty take place, you’ll find most patients more concerned about their rights. It’s unfortunate but true; we live in a ‘no win, no fee’ world and when people are able to, whether it’s your fault or not, will look for any means necessary to see that they’re compensated for any wrongdoing. That’s why, to be on the safe side, it’s imperative that you’re protected with PI that stands up to the PII Regulations of 2013. To give you an idea, take a look at some of the benefits associated with PI.

The Advantages of Professional Indemnity

Financial Protection – lawsuits are expensive, plain and simple. With professional indemnity insurance however, you don’t need to worry. Defence costs such as lawyers’ fees, court, paperwork etc will all be taken care of. Should the claimant be granted compensation, you’ll also be protected against the cost of that too. Peace Of Mind – when you have the ability to carry out the professional services you were trained for with confidence, you’ll see far better results. Whether or not you find yourself held responsible or in the least, being blamed for someone else’s financial or reputational loss, while concerning, won’t be such a mental or financial burden to you or your company as your professional indemnity insurance will provide a helping hand in such scenarios. Increased Credibility – being insured with the help of professional indemnity insurance can enhance your brand image hugely. It not only assures clients and investors, but also shows you’re prepared, should you be held accountable or found at fault in a professional manner. Your clients will feel much more confident doing business with you overall. More Likelihood Of Winning Contracts – were you aware that some contractors and some government authorities have a condition or clause in place that requires indemnity in place in order to apply for tender? With the correct insurance in place, you immediately increase your chances of winning contracts such as these. There are also some professional bodies that make indemnity mandatory in order to perform certain services

How Servca can add value as your PI Broker

If you'd like more information on the Indemnity Insurance policies we have to offer here at Servca, from engineers insurance, to cyber technology, contact us today on 0207-846-9010. Our team are happy to talk you through all our specialist products whether you are a recruitment agent, lawyer, solicitor, or member of any other professional industry.

Why is Professional Indemnity Insurance a popular choice?

Professional indemnity insurance (PI) is one of the most popular options of insurance among professionals. Why? Well, it saves their business and their careers at the time of error or omission. When events such as negligence, incorrect advice, misrepresentation and even breach of professional duty take place, you’ll find most patients more concerned about their rights. It’s unfortunate but true; we live in a ‘no win, no fee’ world and when people are able to, whether it’s your fault or not, will look for any means necessary to see that they’re compensated for any wrongdoing. That’s why, to be on the safe side, it’s imperative that you’re protected with PI that stands up to the PII Regulations of 2013. To give you an idea, take a look at some of the benefits associated with PI.

The Advantages of Professional Indemnity

Financial Protection – lawsuits are expensive, plain and simple. With professional indemnity insurance however, you don’t need to worry. Defence costs such as lawyers’ fees, court, paperwork etc will all be taken care of. Should the claimant be granted compensation, you’ll also be protected against the cost of that too. Peace Of Mind – when you have the ability to carry out the professional services you were trained for with confidence, you’ll see far better results. Whether or not you find yourself held responsible or in the least, being blamed for someone else’s financial or reputational loss, while concerning, won’t be such a mental or financial burden to you or your company as your professional indemnity insurance will provide a helping hand in such scenarios. Increased Credibility – being insured with the help of professional indemnity insurance can enhance your brand image hugely. It not only assures clients and investors, but also shows you’re prepared, should you be held accountable or found at fault in a professional manner. Your clients will feel much more confident doing business with you overall. More Likelihood Of Winning Contracts – were you aware that some contractors and some government authorities have a condition or clause in place that requires indemnity in place in order to apply for tender? With the correct insurance in place, you immediately increase your chances of winning contracts such as these. There are also some professional bodies that make indemnity mandatory in order to perform certain services

How Servca can add value as your PI Broker

If you'd like more information on the Indemnity Insurance policies we have to offer here at Servca, from engineers insurance, to cyber technology, contact us today on 0207-846-9010. Our team are happy to talk you through all our specialist products whether you are a recruitment agent, lawyer, solicitor, or member of any other professional industry.

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+44 (0) 207 2250000

info@servca.com


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Republic of Malta


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40 King Street West
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Non-regulated servicing company

Northern Ireland

Servca Northern Ireland
River House Belfast

48-60 High Street

Belfast

BT1 2BE



+44 (0) 2895582000

ni@servca.com


Broker at Lloyd’s SLM1389

© 2024 Servca


Servca Group Ltd is a private limited company registered in England and Wales; Registered Number: 7727494; Registered Office: Dukes House, 32-38 Dukes Place, 5th Floor, London, EC3A 7LP, United Kingdom. Authorised and regulated by the Financial Conduct Authority. Servca European Insurance Brokers Ltd (a private limited company incorporated in Malta and enrolled to act as an insurance broker); Tower Business Centre, Level 3, Tower Street, Swatar, BKR, 4013, Republic of Malta. UK branch office is registered in England and Wales, authorised and regulated by the Financial Conduct Authority. Servca Canada Insurance Group Inc, a private limited company incorporated at 40 King Street West, Suite 2100, Toronto, M5H 3C2, Canada. Servca group of companies are owned and operated by Servca Group Holdings Ltd, a private limited company registered in England & Wales.

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Cookies

Global Headquarters

Servca Group

Dukes House

32-38 Dukes Place

5th Floor

London, EC3A 7LP

United Kingdom


+44 (0) 207 2250000

info@servca.com


Broker at Lloyd’s SLM1389

European Office

Servca Europe

Dragonara Business Centre

Dragonara Road

5th Floor

St Julian’s, STJ 3141

Republic of Malta


+356 (20) 341690

eu@servca.com


Broker at Lloyd’s (Brussels) SLM1883

Canadian Office

Servca Canada Insurance Group Inc
40 King Street West
Suite 2100
Toronto
M5H 3C2
Canada


+1 (647) 846 5555

canada@servca.com


Non-regulated servicing company

Northern Ireland

Servca Northern Ireland
River House Belfast

48-60 High Street

Belfast

BT1 2BE



+44 (0) 2895582000

ni@servca.com


Broker at Lloyd’s SLM1389

© 2024 Servca


Servca Group Ltd is a private limited company registered in England and Wales; Registered Number: 7727494; Registered Office: Dukes House, 32-38 Dukes Place, 5th Floor, London, EC3A 7LP, United Kingdom. Authorised and regulated by the Financial Conduct Authority. Servca European Insurance Brokers Ltd (a private limited company incorporated in Malta and enrolled to act as an insurance broker); Tower Business Centre, Level 3, Tower Street, Swatar, BKR, 4013, Republic of Malta. UK branch office is registered in England and Wales, authorised and regulated by the Financial Conduct Authority. Servca Canada Insurance Group Inc, a private limited company incorporated at 40 King Street West, Suite 2100, Toronto, M5H 3C2, Canada. Servca group of companies are owned and operated by Servca Group Holdings Ltd, a private limited company registered in England & Wales.

Privacy Policy

Cookies

Global Headquarters

Servca Group

Dukes House

32-38 Dukes Place

5th Floor

London, EC3A 7LP

United Kingdom


+44 (0) 207 2250000

info@servca.com


Broker at Lloyd’s SLM1389

European Office

Servca Europe

Dragonara Business Centre

Dragonara Road

5th Floor

St Julian’s, STJ 3141

Republic of Malta


+356 (20) 341690

eu@servca.com


Broker at Lloyd’s (Brussels) SLM1883

Canadian Office

Servca Canada Insurance Group Inc
40 King Street West
Suite 2100
Toronto
M5H 3C2
Canada


+1 (647) 846 5555

canada@servca.com


Non-regulated servicing company

Northern Ireland

Servca Northern Ireland
River House Belfast

48-60 High Street

Belfast

BT1 2BE


+44 (0) 2895582000

ni@servca.com


Broker at Lloyd’s SLM1389

© 2024 Servca


Servca Group Ltd is a private limited company registered in England and Wales; Registered Number: 7727494; Registered Office: Dukes House, 32-38 Dukes Place, 5th Floor, London, EC3A 7LP, United Kingdom. Authorised and regulated by the Financial Conduct Authority. Servca European Insurance Brokers Ltd (a private limited company incorporated in Malta and enrolled to act as an insurance broker); Tower Business Centre, Level 3, Tower Street, Swatar, BKR, 4013, Republic of Malta. UK branch office is registered in England and Wales, authorised and regulated by the Financial Conduct Authority. Servca Canada Insurance Group Inc, a private limited company incorporated at 40 King Street West, Suite 2100, Toronto, M5H 3C2, Canada. Servca group of companies are owned and operated by Servca Group Holdings Ltd, a private limited company registered in England & Wales.

Privacy Policy

Cookies