Why PI insurance is so important

03/03/2010

Written by Tom Davis

Businesses have been urged to invest in professional indemnity (PI) insurance, despite the suggestion that many firms do "not like to think" about this type of cover when it comes to their operations.

An article on the website tsnn.co.uk outlines why PI insurance is so vital for any enterprise which gives advice to customers - such as independent financial advisers, solicitors, mortgage brokers, accountants, architects, surveyors, insurance brokers and stock brokers.

It explains that in the event this advice leads a client to lose out financially, PI insurance could cover the adviser should legal action be sought.

This type of insurance could prove invaluable in allowing them to maintain their day-to-day practice as such claims could result in paying out a very high sum.

However, it also urges companies to be careful to read the PI policy terms and conditions carefully in order to see what they are covered for and for how much, so as to ensure it fully meets with their own requirements.



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