Any company, practice or individual that provides professional advice or services is potentially exposed to legal actions arising from the conduct of their professional business.
A duty of care exists and if a breach of that duty arises, then the firm could face claims from clients alleging negligence, errors or omissions in connection with the advice or service provided. Defending such actions can be costly, and if the defence is unsuccessful, the firm will face the prospect of not only paying their own legal defence costs, but also those for the other party including any damages awarded against them. Even if the defence is successful, then the firm may be left with expensive legal bills to settle.
In today’s litigious environment, the risk of allegations of negligence increases, no matter how spurious, and without insurance protection the cost of the legal defence and any subsequent settlement can prove disastrous for the business.
A Professional Indemnity Insurance policy (also known as PII) will provide protection to a firm from such claims. For some professions PII is a regulatory or professional requirement (such as lawyers, trust companies, accountants, architects, and insurance brokers). Other firms may choose to have this type of insurance as part of good business practice.
Vantage Insurance Brokers Limited works closely with our clients to gain a full understanding of the type and range of professional services provided to ensure we provide a tailored solution with the widest possible cover for the most cost effective premium.