England 12/05/2012- Awareness of the importance of PI insurance is growing
In a world where litigation is becoming more common PI insurance is vital. Whereas, in the past many businesses would have gone without public indemnity insurance many of them are now buying this kind of policy. In the UK, for many decades people who give advice to the public and their business clients have been required to take out public indemnity insurance. These rules exist to ensure that should somebody take advice from a solicitor or an architect, which later turns out to be wrong they would have an avenue to claim for their losses. However, more and more professionals who are not required to do this to carry out their profession are choosing to take out this type of policy anyway.
Not only are they protecting themselves against the eventuality of litigation should they make a mistake they also using it as a way to attract clients. People are becoming savvier about buying services. Many clients now ask professionals about the type and level of public indemnity insurance they have. They feel more comfortable dealing with a company who has sufficient insurance. The rationale is that should anything go wrong dealing with a company with proper public indemnity insurance makes it possible to recoup their losses.
What a typical PI insurance policy covers
There is a huge range of different PI policies available. However, the vast majority offer the basics. Most policies usually include liability, slander, breach of confidence, infringement of copyrights or intellectual rights, breach of duty or professional negligence. In addition, most policies also cover for things like loss of documents or sensitive data belonging to the client. For those with employees it is also possible to buy a policy that covers them for dishonesty on the part of your employees.
Hensure has been offering PI insurance to companies in the UK for decades. In recent times, they have seen their client base change with people from all kinds of professions seeking this form of insurance including consultants and even photographers.
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