• Home
  • Uncategorized
  • Everything You Need to Know About Professional Indemnity Insurance in Singapore

Everything You Need to Know About Professional Indemnity Insurance in Singapore

As a professional, you will agree that building a large client or customer base isn’t an easy task, as it requires hard work, dedication to excellence, customer support, and a few other things. Even if you can do these things, there is no assurance that your business will grow to a new height and soar.

Because of the ever-changing business terrain, things that are yielding jaw-dropping results right now may stop working overnight. And if you are not abreast with the trends in your industry, your business will suffer.

Presently, many of the top-notch professionals who know what they are doing are opting for Professional indemnity insurance. Although PI insurance is somewhat expensive, especially for top-tier professionals, they still opt for it because of the amazing benefits it offers.

Want to find out how Allegiance’s Professional Indemnity can help your business? If yes, then you should read the next article carefully.

The following article by simplybusiness sheds light on some of the benefits PI insurance offers to professionals.

What is professional indemnity insurance?

Professional indemnity insurance is an important type of business insurance, especially for businesses that give advice or provide a professional service to clients. It can cover compensation claims if a business is sued by a client for making a mistake that leads to financial lossRead more here. 

You likely now know some reasons why PI insurance is a must-have for every professional in Singapore and in every other part of the world. You also now know that PI insurance isn’t compulsory for all professionals. If you just started offering advisory services to businesses or a professional looking to make a name for yourself in your industry and want to learn about the benefits of PI insurance, the next article is for you.

The following article by investopedia unveils some of the benefits of having PI insurance.

Indemnity Insurance

Indemnity insurance is a contractual agreement in which one party guarantees compensation for actual or potential losses or damages sustained by another party. Most commonly, it is an insurance policy designed to protect professionals and business– Read more here.

You likely now know how Indemnity insurance works and the benefits it offers to professionals. You also now know what PI insurance can cover as well as things it can’t cover. If you are new to business and don’t really understand how PI insurance works or want to learn how you can get the most out of it, you are going to benefit from the next article.

The following article by Markeluk is basically a how-to guide to PI insurance.

Professional indemnity insurance explained – a simple guide to PI insurance

Professional indemnity insurance, often referred to as professional liability insurance or PI insurance, covers legal costs and expenses incurred in your defence, as well as any damages or costs that may be awarded if you are alleged to have provided inadequate adviceRead more here.

The above article is indeed a masterpiece and a must-read for every professional in Singapore. The article not only brought to life some of the benefits of PI insurance, but it also shed light on the meaning of some terms used in the PI insurance space as well as the answers to some frequently asked questions about PI insurance.

Final note

To thrive in business, you need to be prepared for the unexpected. Even if things are rosy right now, there is no guarantee that it will stay the same. Things may change for the better or get worse soon.

As a professional, having PI insurance is one of the most effective ways to prepare your business for the challenges you are inevitably going to face as you run your business.

Do well to consult an expert to evaluate your business to determine the level of cover you need and a few other important details.