Everybody makes mistakes. For sure there is no person in the face of the earth who doesn’t miss a step or two in all his/her endeavors. These mistakes may lead to losses and even downfall to people around you. For people like consultants for instance, their advices may prove to be wrong in one way or another, and lead to losses to the consulting party. The party may file a law suit for wrong advices given and charge you for the loss incurred. This is the point where personal indemnity insurance comes in to save and salvage the situation.
Consultants dealing with technical stuff such as engineering, building and construction, marketing, agribusiness have a hard task of providing advices to their clients. They ought to give the utmost outright information to avoid losses in the business, lest they face lawsuits. Indemnity insurance will cover the advisor against such claims as they initially have no ill will of passing wrong information. So, what are the benefits of indemnity insurance? Are they useful to the consultants? Are their claims reasonable and easy to take aboard? What are their advantages and disadvantages?
Indemnity insurance is a cover that understands the state of any consultant. It sees to it that no liability faces the consultant in case of any losses incurred. This type of insurance cover put the consultant’s security as their first priority. Claims of malpractice or professional misconduct are handled without much straining and non-ending lawsuits.