Professionals serving affluent clients must buy bigger indemnity covers

They should avoid professional indemnity policies with sub-limits or high deductible

Despite exercising a high level of diligence and caution in discharging their duties, professionals sometimes make inadvertent mistakes causing physical damage or financial losses to their clients. The resulting lawsuit and subsequent damage awarded by courts can exact a heavy toll on their financial well-being. One way they can protect themselves against such liabilities is by purchasing a professional indemnity (PI) cover.

Protection against financial ruin   

The PI policy is essentially a legal liability cover. 

“It covers legal costs and other legal expenses incurred by the insured in their defence, as well as damages or costs awarded to a