Gripping Reasons to Consider Purchasing Professional Indemnity Insurance in Singapore

If you offer professional services and advice to other businesses, and you don’t have professional indemnity insurance, your future is at risk. Because of the ever-changing business terrain in Singapore, professionals cannot be 100% sure that their advice, strategies, and services will yield positive results.

Scheme, tactics, and policies that may be working right now may become obsolete and ineffective in a week, month, or a year time. If you happen to give advice to a client, and it didn’t yield the desired result or caused damages and losses, legal action is surely going to be taken against you.

What are you going to do when this happens? Where are you going to get the money to compensate the client who suffered losses? If you don’t have some sort of indemnity insurance for professional services, you are finished. That said, the best type of insurance for issues concerning, miscalculations, negligence, omissions, and so on, is PI insurance. Want to find out more about it? If yes, read this article carefully.

The following article by Kelvin Pratt shed light on some percussive reasons why professionals in Singapore and other parts of the world should get professional indemnity insurance.

Consider professional indemnity insurance and get covered today

Professional indemnity insurance is designed to cover the cost of any claims made against your company by a client for any losses they suffer because of your work or advice. It is usually included as part of your general business insurance policy. Read more here. 

You are likely now abreast with some convincing reasons why every professionals need to have PI insurance. You also now know that PI insurance covers everything from losses because of copyright-protected materials to losses because you shed sensitive information, misleading advice, and mistakes. But do you know how it works? If you don’t, you are going to find the next article useful. 

The following article by Towergateinsurance shed light on some important things you need to know about professional indemnity insurance.

Professional Indemnity Insurance Explained

Professional indemnity insurance is a type of liability insurance designed to protect businesses and individuals who provide advice or expertise to third parties. Also known as professional liability insurance or errors and omissions insurance (E&O) Read more here.

You likely now know a thing or two about some common types of insurance. You also now know what professional indemnity insurance is for and professionals that should opt of it. Even after knowing these, you must dive even deeper to determine- how much PI insurance you need and how much it will cost you to get it.

The following article by Publicaccountants shed light on some important details you need to know before opting for professional indemnity insurance.

Professional Indemnity Insurance

IPA Insure recognizes the importance of a highly competitive Professional Indemnity insurance policy for IPA members. Underwritten by CGU, our Professional Indemnity insurance is specifically tailored to meet the risk exposure of accountants, Read more here.

You surely now have a clear picture of how Professional indemnity insurance works. You also now know the benefits you will enjoy when you opt for it. Depending on the nature of your business or the services you offer, you may have doubts and questions because you are new to it. Don’t let them overwhelm you. Instead, consult an expert and satisfy your curiosity.

Final note

 As a professional, you have the complete freedom to choose Professional indemnity insurance. However, if you want to thrive and dominate your competitors, you must opt for it.

The reason for this is that we humans can make mistakes that are often very costly to fix. In some circumstances, you may have to pay a small fortune to address a pellet size mistake you made a while back.

 PI insurance is the best way to protect your career and future against errors, omissions, damages, losses, and miscalculations you may have made while addressing the need of your clients.