{"id":4405,"date":"2022-03-15T11:35:13","date_gmt":"2022-03-15T11:35:13","guid":{"rendered":"https:\/\/www.beneple.com\/?p=4405"},"modified":"2022-04-07T05:17:10","modified_gmt":"2022-04-07T05:17:10","slug":"professional-indemnity-insurance-uae-2022","status":"publish","type":"post","link":"https:\/\/www.beneple.com\/professional-indemnity-insurance-uae-2022\/","title":{"rendered":"Professional Indemnity Insurance: A UAE Perspective in 2022"},"content":{"rendered":"
[et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”3.22″ global_colors_info=”{}”][et_pb_row admin_label=”row” _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” min_height=”992px” custom_margin=”-33px|auto||auto||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Text” _builder_version=”4.14.8″ header_2_line_height=”1.25em” background_size=”initial” background_position=”top_left” background_repeat=”repeat” custom_padding=”0px||0px|||” global_colors_info=”{}”]<\/p>\n
Today we look at an often-overlooked area of cover – <\/span>Professional Indemnity Insurance<\/span><\/span><\/a>.<\/span><\/span> As a start, we will cover some of the most frequently asked questions that we get asked as a broker by our clients.<\/span><\/p>\n <\/span><\/p>\n <\/b><\/p>\n Professional Indemnity Insurance<\/span><\/span><\/a> provides cover for legal costs and expenses incurred in the event you are held liable in court, having provided inadequate advice, services, or designs that cause <\/span>your<\/b><\/span> client to lose money. A professional indemnity (PI) insurance policy helps to offset a large potential financial risk for businesses that provide any type of consultative advice to their clients.\u00a0<\/span><\/span><\/p>\n Even relatively minor cases of professional indemnity can exceed seven figures very swiftly and therefore you would imagine that it would be mandatory to have cover for such huge costs? Unfortunately not. It is not a legal requirement to have a professional indemnity policy in place, however, there are many situations in which you should have a policy in place.<\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n There are a number of reasons it may be beneficial to have professional indemnity insurance in place. Just a few of these are highlighted below:\u00a0<\/span><\/b><\/span><\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/b><\/p>\n No. <\/span>Public Liability<\/span><\/span><\/a> cover is tailored for claims by members of the public for injury, illness, or damage. Professional Indemnity insurance covers losses by clients for professional mistakes or negligent acts\/advice.<\/span><\/b><\/p>\n <\/span><\/b><\/p>\n <\/span><\/b><\/p>\n <\/strong><\/p>\n Our head office in Europe\/USA has a global PI policy, we don\u2019t need a local UAE policy, right? The answer here depends. As Professional Indemnity cover is not mandatory in the UAE at present, a global policy may have the ability to cover multiple locations within the same line of business. However, this isn\u2019t without risks and since 2020 we have seen a steady increase in international companies choosing to issue local UAE PI cover and moving away from their global policies. For most, the reason for doing so is:<\/span><\/p>\n <\/b><\/span><\/p>\n The idea of what is classed as expensive will naturally differ from person to person, and premiums are hugely dependent on the level of cover and the line of business. As stated above, even low-level grievances are likely to cross the seven-figure barrier before a court has even heard a case. I\u2019ve never spoken to anyone who thinks that the cost of their PI policy is NOT good value for money in the event of a claim.<\/span><\/p>\n <\/b><\/span><\/p>\n <\/b><\/p>\n Get in touch<\/a><\/span> with a reputable, qualified broker such as Beneple<\/span><\/a> who will be able to provide you with a list of options, detailed steps and guide you through the process.<\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Today we look at an often-overlooked area of cover – Professional Indemnity Insurance. As a start, we will cover some of the most frequently asked questions that we get asked as a broker by our clients. What is Professional Indemnity Insurance? Professional Indemnity Insurance provides cover for legal costs and expenses incurred in the event […]<\/p>\n","protected":false},"author":20,"featured_media":4410,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[121,32],"tags":[],"_links":{"self":[{"href":"https:\/\/www.beneple.com\/wp-json\/wp\/v2\/posts\/4405"}],"collection":[{"href":"https:\/\/www.beneple.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.beneple.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.beneple.com\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/www.beneple.com\/wp-json\/wp\/v2\/comments?post=4405"}],"version-history":[{"count":6,"href":"https:\/\/www.beneple.com\/wp-json\/wp\/v2\/posts\/4405\/revisions"}],"predecessor-version":[{"id":4419,"href":"https:\/\/www.beneple.com\/wp-json\/wp\/v2\/posts\/4405\/revisions\/4419"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.beneple.com\/wp-json\/wp\/v2\/media\/4410"}],"wp:attachment":[{"href":"https:\/\/www.beneple.com\/wp-json\/wp\/v2\/media?parent=4405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.beneple.com\/wp-json\/wp\/v2\/categories?post=4405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.beneple.com\/wp-json\/wp\/v2\/tags?post=4405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}What is Professional Indemnity Insurance?<\/b><\/h2>\n
<\/h2>\n
Why do I need Professional Indemnity Insurance Cover?<\/b><\/span><\/h2>\n
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Is Public Liability Insurance the same as Professional Indemnity Insurance?<\/b><\/h2>\n
Global Professional Indemnity Insurance vs Local UAE Policies<\/strong><\/h2>\n
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Is PI Cover Expensive?<\/b><\/span><\/h2>\n
How do I put cover in place?<\/b><\/h2>\n