In an increasingly litigious world, businesses must be prepared when it comes to facing professional indemnity (PI) claims as these can be costly and time-consuming. For smaller companies with fewer resources, it could take just one claim to threaten the existence of a business or your own personal livelihood.
PI cover will protect your firm against claims arising out of negligent advice, design, or specifications given in the course of your business where your clients have suffered a financial loss. While some professions are obliged to take out PI cover as part of their regulatory body’s requirements, many do not, and risk leaving themselves exposed.
Without PI cover in place, businesses are left to handle claims on their own. Even where allegations are unfounded, the investigation and defence process can be lengthy and draining on resources. To help ensure that small businesses are adequately protected, you should weigh up the potential cost of facing a complex and lengthy claim versus the relatively low cost of a PI policy.
Why not get a quote from Arlington online? It’s quick and easy to do. You may find that Professional Indemnity insurance isn’t as complicated and expensive as you thought.