The Business Insurance Bureau

Professional Negligence Insurance

There is many times in each of our lives we need to take advice from people in other fields and industries this is where Professional Negligence Insurance comes in.

We take on a host of risks as often the decisions made for us are made when we have neither the technical or specific knowledge to complete the task ourselves as such we place our trust in the expertise of other in order to deliver the best outcome.

As there is no way to guarantee a win in this regard, all we can do is trust the judgement of the informed and move forward, this for the most part is standard to many of us, however there are those whom provide answers and information that is not always in our best interest and we move forward with that information and stumble do to being ill-informed.

In order to mitigate the damage bad advice can lead us to there is cover to protect us from bad, poor or downright negligent advice in the form of Personal Indemnity Insurance.

Personal Indemnity Insurance

Claims are increasingly made against persons or firms engaged in professional duties or the provision of such services for alleged negligence, omission or error. [Read More]

The legal position in order to deal with these types of claims and the representation that is required throughout is not small and can be very complicated, advice can be a double-bladed tool, good advice can lead to true benefits to the business but alternatively following the wrong advice can lead to catastrophe.

It is critically important if your advice is used (i.e. architect, lawyer, etc.) that you protect yourself from the pitfalls that might well lead to a claim against you personally for the advice you gave, knowingly or not decisions have been made resources possibly allocated and monies lost.

Should you have received poor advice then you can claim against the person that gave you that advice and potentially claim the losses that were incurred as a result.