ACE Group has announced the release of a video podcast exploring the need for and benefits of Professional Indemnity insurance for professional service providers.
It also provides insights into the emerging trends in Asia which have led Professional Indemnity insurance to become an essential component of risk management.
In today’s marketplace, the frequency of claims against professionals is on the rise given the higher awareness of consumer protection and strengthening legislation in some Asian countries. In many cases, clients file claims against professionals because the latter fall short in delivering on the high expectations clients have of their advice or services. Hence, professional service providers may find themselves embroiled in costly litigation.
According to Mr. Stanley Wong, Regional Head of Financial Lines for Asia Pacific, "Individuals and businesses who do not already have professional liability coverage should strongly consider investing in it as a basic line of defense for their economic and reputational well-being."
Furthermore, contractual obligation is another reason to purchase Professional Indemnity insurance. The failure to produce proof that they have purchased such coverage may cause professionals and firms to lose out on major projects commissioned by multinational corporations.
Mr. Wong added, "While ACE has been offering Professional Indemnity protection for many years, we are constantly looking at ways to better respond to clients’ needs by building on our product portfolio as well as providing customized coverages for a wide range of professions. We have the capability to issue policies in over 14 countries in the region with a dedicated network of local Financial Lines underwriters and claims specialists. In addition, clients will benefit from ACE’s ability to manage multinational risks because our global breadth helps us to understand and service cross-border risks."