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A Guide to Professional Indemnity Insurance

10/27/2021 | 06:08am EST
A Guide to Professional Indemnity Insurance

Even though professional indemnity insurance isn't always a legal requirement, it's definitely still worthwhile to consider.

The unfortunate reality is that mistakes do happen. If your business finds itself in a bit of a pickle, the costs associated with those mistakes can be very difficult to recover from if you don't have the right amount of legal protection.
So, what exactly is Professional Indemnity Insurance?
Professional Indemnity insurance protects you from legal defence costs as well as any compensation or costs that may be awarded following an alleged act, error or omission in the performance of your professional services. Without it, you could be held liable for thousands of euros worth of legal fees and compensation as a consequence, not to mention the losses experienced from the time spent in defending oneself.
The Undeniable Benefits
By protecting yourself with a professional indemnity cover, you will:
  • Have peace of mind knowing that a legal professional will be there to take care of any allegations made against you.
  • Save yourself valuable time in case an unwanted incident arises, knowing any claim will be handled by experienced and knowledgeable staff from our claims department.
  • Help reduce the possibility of interruptions in your business operations.
  • Open a window of opportunities for more work. Nowadays (and understandably so), corporate clients such as engineers and architects tend to make it a requirement to have such a policy in place before signing new business deals.
Professions that might need it
Professional Indemnity insurance is designed to meet the needs of individuals who work in (but is not limited to):
  • Business Professions such as Accountants, Auditors or Consultants;
  • Legal professions such as Lawyers and Notaries;
  • Technical professions such as Architects or Engineers;
  • IT Consultants;
  • Veterinarians;
  • Medical practitioners.
The bottom line is that protecting your business can seriously pay off when unwanted circumstances present themselves. Why take the risk?
Click here to find out more about how you can protect your business, or feel free to contact one of our professionals by calling (+356) 2124 6262.
MAPFRE Middlesea p.l.c. (C-5553) is authorised by the Malta Financial Services Authority (MFSA) to carry on both Long Term and General Business under the Insurance Business Act. MAPFRE Middlesea p.l.c. is regulated by the MFSA


Mapfre Middlesea plc published this content on 27 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2021 10:07:02 UTC.

© Publicnow 2021
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