In recent years, however, the meaning of this term has evolved, encompassing the work of people in a wider variety of areas. Designers, consultants, trainers, and many others have entered into the realm of the modern professional, and with this status gained several advantages. Yet, being considered a professional is not without downsides. While many professionals make strong commitments to ensure the satisfaction of their clients, not all customers may consider themselves rightfully served. If clients believe that they’ve been given false, incompetent, or harmful products or services, they may consider legal action. In a world that’s increasingly prone to litigation, professionals may have to face lawsuits against them or their businesses, and therefore need professional indemnity insurance.
Resolving this type of litigation can be costly. From the need to pay various legal and attorney fees to the costs of a potential award in the plaintiff’s favor, professionals may find their businesses severely weakened by a lawsuit. Additionally, it’s important for professionals to consider that their reputation may be tarnished by such proceedings. To help cover costs and manage reputation concerns, professionals should seek out the assistance of a Risk Management company capable of providing quality professional indemnity coverage. Sometimes referred to as “PI” insurance, professional indemnity coverage can be an invaluable tool for experts who face the risk of claims against them or their businesses caused by failure to uphold their professional duties.
For some fields of work, local regulations require “PI” insurance for valid membership with a professional association. The threat that claims can make against professionals and their work has often led those in highly specialized, service-based fields to secure proper coverage. At MDS, we understand the need for modern professionals to protect themselves from lawsuits based on claims of a breach of professional duty.
When you trust your professional reputation to MDS, you’ll be in the hands of some of the world’s most experienced and capable experts. We not only offer a range of covers to ensure our clients are able to handle defense and other costs, but we also work carefully to uphold the right rapport between the insured and their clients. The result is a resolution that keeps the insured’s assets protected. During times of potential loss, professionals need a partner with specialized skills, extensive knowledge, and dedication. Those who work with MDS receive the right service for their needs. Don’t wait until it’s too late –contact MDS now to protect your name and your work.