Professional Indemnity Insurance in South Africa

In today's litigious age where 'claim' often follows 'blame', having adequate Professional Indemnity Insurance cover is imperative.

Professional Indemnity Insurance cover can protect financial fallout for certain occupation groups

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Professionals and certain occupation groups, are often exposed to litigation - Professional Indemnity Insurance cover protects you against financial losses.

Heightened consumer awareness, which is largely as a result of new legislation protecting consumers’ rights, coupled with tough economic conditions, is resulting in our society gradually becoming more litigious. If your profession is a specialised field, you may be held accountable by law for the advice or service provided. Professional Indemnity Insurance cover protects you against the financial losses that may arise from a third-party liability claim.

Certain lines of business are legally obliged to have professional indemnity insurance in place all the time. Insurance advisors for instance, must have Professional Indemnity Insurance.

There are a wide range of activities and occupations and many product options are available.

These options may be confusing...

In fact, the smartest thing you can do is -- Get a specialist broker to do it for you!

 
 
Also note the following guidelines and considerations with regards to Professional Indemnity Insurance:
  • Certain occupation groups may have tailored made products and benefits specific to their Professional Indemnity requirements – Advocates, Attorneys, Advisors, Accountants, Media, Estate agents, Technology, Outsourcing, Telecommunications, Engineers, Doctors and more;
  • Typical cover may include: Defamation, fraud and dishonesty, breach of confidentiality, wrongful act, error or omission, misleading statements, unintentional breach of contract, defence costs, unintentional infringements, breach of warranty, etc;
  • Professional Indemnity Insurance will ease the financial burden of defending claims and damages payable in respect thereof;
  • Professional Indemnity Insurance cover is normally on a claims made basis.
 
Heightened consumer awareness is resulting in our society becoming more litigious - consider legal costs
 
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