Nobody plans to make a mistake but mistakes have a way to creep into the things we do even as professionals. Our employees can also be tempted to cause undue losses by theft or unexplained losses that put pressure on any business’ finances. There is, therefore, a need for businesses to have a form of security against such risks which can be through our Professional Indemnity and Fidelity Guarantee Insurance.
Professional Indemnity Insurance (or PI Insurance) is a type of insurance which protects against the failure to exercise reasonable skill and care in the provision of professional or advisory services. This insurance will pay for damages arising from any judgment, award or settlement against you including legal costs incurred in defending allegations
Fidelity Guarantee Insurance (or FG Insurance) is a type of insurance which protects the insured against direct financial loss because of fraud or dishonesty of an employee of the insured. All of which results in dishonest personal financial gain for the employee concerned.
The PI insurance should be considered by any individual or organization who offers professional advice or services to a clients whilst Fidelity Guarantee would be suitable for most businesses as losses are common in almost all industries.
I am interested in the Professional Indemnity and Fidelity Guarantee Insurance product