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Professional Indemnity Insurance (PI Insurance) is a type of insurance that provides protection to businesses and professionals against claims of negligence, errors or omissions in their professional services. This type of insurance is particularly important for businesses and professionals who provide advice, consultancy or other services that require a high level of expertise.
In the UAE, PI Insurance is not mandatory by law, but it is highly recommended for businesses and professionals who provide professional services. This includes lawyers, accountants, architects, engineers, consultants, and other professionals who provide advice, design, or other professional services.
PI Insurance provides coverage for legal expenses, damages and compensation awards that may be awarded against the insured party as a result of a claim made by a client or third-party for any errors or omissions in their professional services. This coverage also includes defense costs incurred during legal proceedings, such as court fees, lawyer fees and other expenses.
The cost of PI Insurance is based on various factors such as the nature of the business, the type of services provided, the level of risk associated with the services, the claims history of the business, and the coverage limits required. It is recommended to consult with an insurance provider to determine the appropriate coverage and premium for your business or profession.