Not necessarily, but you are definitely safer with a Professional Indemnity policy on hand. (PI) protects against claims of negligence in the performance of professional services. This type of insurance can be extended to cover breach of statutory or fiduciary duty, breach of contract or regulatory rules, libel and slander. There are two categories of businesses that purchase PI: voluntary and involuntary.
Common industries to purchase PLI include:
- Accounting and Financial Services
- Information Technology
- Legal (involuntary)
- Medical (involuntary)
Negligent advice and delivery of services are not restricted to the traditional professions such as law, medicine, accounting or architecture. The daily practices of your company and your people can leave you exposed. The provision of services and offering of advice can leave you open to allegations of negligence and the ever-increasing possibility of civil actions against your company or its employees.
Call us for help in determining the most appropriate coverage to suit your particular profile and needs.
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