{"id":76,"date":"2020-03-24T04:42:00","date_gmt":"2020-03-24T04:42:00","guid":{"rendered":"http:\/\/pershingparkicerink.com\/?p=76"},"modified":"2020-03-06T07:45:27","modified_gmt":"2020-03-06T07:45:27","slug":"is-professional-indemnity-insurance-really-important","status":"publish","type":"post","link":"https:\/\/pershingparkicerink.com\/?p=76","title":{"rendered":"Is Professional Indemnity Insurance Really Important?"},"content":{"rendered":"\n
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What makes a\nbusiness succeed? Many will say that having a great business plan, capital,\nproduct, and the right marketing strategy is the key to business success. While\nthat is true, you need to keep in mind that some little things can have a\nprofound effect on the success of a business. Professional indemnity insurance\nis one of them.<\/p>\n\n\n\n

Having PI insurance\nis one of the best ways to protect your business and reputation when legal\naction is taken against you by a client. Because we live in a time and age\nwhere we are bombarded with a lot of information and have to keep up with the\ntrends in our industry, there is a small possibility that we may omit important\ninformation, make laughable mistakes, or even worse, send sensitive information\nto the wrong client.<\/p>\n\n\n\n

Even if you are meticulous in the way you run your business, you may still make a mistake, as stress and a few other things may cloud your judgment. If you have PI insurance, you won\u2019t have to worry about any mistakes or omission you are inevitably going to make while running your business because Professional Indemnity will cover<\/a> the legal defense cost and any compensation that may be required.<\/p>\n\n\n\n

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The following article by\u00a0Iproinsure<\/a>\u00a0discusses why professional indemnity insurance is very important.<\/p>\n\n\n\n

 Why is professional indemnity insurance important?<\/strong><\/h2>\n\n\n\n

Professional\nindemnity insurance can protect your business, and when your business is not\nonly your baby but your livelihood, it makes sense to do just that.\nProfessional Indemnity Insurance (PI) \u2013 or Professional Liability insurance as\nit is sometimes known can cover legal-<\/em> Read more here.<\/a><\/p>\n\n\n\n

You likely now know\na thing or two about professional indemnity insurance like- why it is important\nand should be taken seriously, especially by professionals as well as the\nanswers to some important questions about PI insurance. Read the next article\ncarefully to learn what Professional indemnity insurance can and can\u2019t cover.<\/strong><\/strong><\/p>\n\n\n\n

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The following article by\u00a0Lawsociety<\/a>\u00a0sheds light on some benefits of PI insurance and what it can cover.<\/p>\n\n\n\n

 Professional Insurance Cover<\/strong><\/h2>\n\n\n\n

The\nScheme Insurance is arranged on behalf of each practicing member of the Law\nSociety by the Council of the Law Society (the \u201cCouncil\u201d), according to their\nstatutory powers under section 75A of the Legal Profession Act. The Council\nnegotiates the coverage and policy wordings.<\/em> Read more here<\/a>.<\/p>\n\n\n\n

You are certainly\nnow abreast with some of the benefits of PI insurance and how it can help\nprotect professionals. You also now know how PI insurance started in the early\n1990s, and the amount of cover it provides back in the days and right now. If\nyou are professional and have been procrastinating getting PI insurance, the\nfollowing article is for you.<\/p>\n\n\n\n

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The following article by\u00a0Moneysupermarket<\/a>\u00a0sheds light on some eye-opening reasons why you need to get a professional indemnity insurance cover today.<\/p>\n\n\n\n

What is professional indemnity insurance?<\/strong><\/h2>\n\n\n\n

Whether\nor not you need professional indemnity insurance depends on the type of work\nyou do and the industry you\u2019re in. It\u2019s normally suited to industries where you\noffer work, services, or advice to other clients.<\/em> Read more here.<\/a><\/p>\n\n\n\n

The above article\nhas shown you some compelling reasons why you need to get professional indemnity\ninsurance as soon as possible. The article also brought to light some easy ways\nto determine the amount of cover you need and how much it is going to cost you\nto get PI insurance. Feel free to consult a professional if you still have\nquestions.<\/p>\n\n\n\n

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Final note\u00a0\u00a0<\/strong><\/h2>\n\n\n\n

As a professional,\nyou need to be proactive and ready to do whatever is necessary to protect your\nbusiness. This may mean everything from getting Pi insurance to following the\nrules and regulations governing the business realm in the country you are in.<\/p>\n\n\n\n

Of course, doing this\nisn\u2019t going to be easy, as you may have to step out of your comfort zone. But\nif you are disciplined and you do it anyway, your business is going to soar.<\/p>\n\n\n\n

Even more, you will\nbe protected when you or your employee makes a mistake or omit important information\nor accidentally reveal confidential information.<\/p>\n","protected":false},"excerpt":{"rendered":"

What makes a business succeed? Many will say that having a great business plan, capital, product, and the right marketing strategy is the key to business success. While that is true, you need to keep in mind that some little things can have a profound effect on the success of a business. Professional indemnity insurance […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-76","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/pershingparkicerink.com\/index.php?rest_route=\/wp\/v2\/posts\/76","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pershingparkicerink.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pershingparkicerink.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pershingparkicerink.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pershingparkicerink.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=76"}],"version-history":[{"count":1,"href":"https:\/\/pershingparkicerink.com\/index.php?rest_route=\/wp\/v2\/posts\/76\/revisions"}],"predecessor-version":[{"id":78,"href":"https:\/\/pershingparkicerink.com\/index.php?rest_route=\/wp\/v2\/posts\/76\/revisions\/78"}],"wp:attachment":[{"href":"https:\/\/pershingparkicerink.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=76"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pershingparkicerink.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=76"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pershingparkicerink.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=76"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}