Professional indemnity insurance is no longer a type of cover only associated with private medical practitioners and solicitors. It is seen by more and more consultants and advisers as an essential safety net which must be in place before work starts. A loss adjuster is seen as an expert in his or her field and so is relied on heavily by insurance companies to provide the best possible recommendations and reports. Such a position means loss adjusters, existing and prospective, could all seriously consider loss adjuster professional indemnity insurance. The Chartered Institute of Loss Adjusters even recommends that all its members have an “adequate” professional indemnity insurance policy.*
Professional indemnity insurance protects a company’s or individual’s interests against legal claims which arise from a mistake or negligent act which results in financial harm. Errors do happen and such a policy can help some companies and individuals avoid the serious consequences of having to pick up in full any legal bills which may arrive as a result. The cost of settling some claims can run into thousands of pounds or more, enough to seriously disrupt most businesses, and cover will usually pay for these legal costs up to certain limits. Many firms will provide help in a swift and efficient manner, allowing the loss adjuster to defend their reputation quickly and carry on working while the case is dealt with.
A professional indemnity insurance policy will often come with some handy extras as well, including protection against the potential legal consequences of unintentional libel, slander or defamation. Protection will also be given should valuable business documents be lost or damaged, or if a client’s copyright is accidentally breached.
Legal cases often do not appear until weeks or months after a related event has taken place. To this end a policy can include retroactive cover which protects against the possibility of a legal claim arriving in connection with something which took place before the cover began. Companies or individuals can also arrange for cover to continue for a period after they retire or stop trading for extra peace of mind. With these measures in place a loss adjuster professional indemnity insurance policy can help someone get on with the job in hand and make clear judgements safe in the knowledge they are covered should an unfortunate error be made or an accusation be levelled.