If you are searching for cover, you might have to come across few technical terms such as: ‘indemnity ‘claims made’, ‘duty of care’ and ‘negligence’. But what if such terms mean nothing to you? Let us begin with very basics. What precisely is best professional indemnity insurance? It is actually all about protection and negligence. In simple terms, in different kind of business, negligence of yours could be thought of as a mistake you have made. Mistakes normally have few type of fallout (for instance, a client that is unhappy) and that is where protection-for-you comes in.
As a professional if client of yours believes you have done something wrong, such as given them advice that is not suitable for them, not delivered what you have committed you would have been careless with confidential information of theirs, they are at liberty to file sue to you for any losses they are going to sustain as of an alleged failure. If they decide to file a legal complain to you, it is then that best professional indemnity insurance policy kicks in. Legal costs of defending you & any damages that has been awarded to client of yours are paid – up to a level of cover offered by your policy, of course.