Understanding Personal Indemnity Insurance
Are you a business that provides advisory services?
Are you a group of professionals/ professional who deliver consultancy-based business solutions?
If the answer to any one of the questions above is a YES, then you/ your business is naturally at risk of liabilities arising from claims and complaints your clients might file.
A professional Indemnity Insurance is the natural way to safeguard oneself from these potential and natural legal hazards. The insurance protects your business from defamation, unintentional breach of contract and human errors and omissions. These mistakes, even though small or committed unintentionally can seriously dent the finances and reputation of your company.
Relevance of a Professional Indemnity Insurance:
The main reason for Professional Indemnity Insurance is to cover negligence, misrepresentation, violation of fair dealing and good faith and inaccurate advisory services.
The general liability insurance policy will cover physical body injury, damage to property and other injuries. There can be other forms of insurance cover which includes product liability, employers and public insurance. Any harm done to a person or property can be covered by these policies. The general liability insurance does not include or cover negligence or misrepresentation hence professional indemnity insurance is important.
Professional Indemnity In UAE:
Businesses in UAE and specially in Dubai it is required to work with a professional indemnity cover. The complaints filed against businesses for negligence can be detrimental for the business no matter the size of that business. These complaints are time consuming and the damages can amount from Thousands to even in Millions.
If you are into a business of providing professional service and handling customers data, working under Non-Disclosure Agreement (NDA), if you are responsible for intellectual property in Dubai, UAE then it is required to have Professional Indemnity Insurance.
Providing protection for the customers and giving accurate service is the responsibility of the professional service business. It is not just mandatory for the business to have Professional Indemnity Insurance but also to take adequate measures to protect the quality and accuracy of the service to the clients.
Relevant Professions that require a Professional Indemnity Insurance:
Professional Indemnity Insurance covers the services of doctors, lawyers, architects, chartered accountants, engineers, contractors, and other service providers. It includes services offered by the professionals and products sold. The errors made by the professionals during discharging their duties are covered under the policy.
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