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The Risks to Businesses if They Didn’t Have Professional Indemnity Insurance

Key risk

 

Professional indemnity insurance Malaysia, often known as professional liability insurance or PI insurance, pays for legal fees and expenditures incurred in your defence, as well as any damages or costs awarded if you are accused of providing poor advice, services, or designs that cause your client to lose money. 

 

Professional Indemnity insurance can shield a law firm or other service company against liability and help pay for defense costs in the event of a claim for an error, omission, or carelessness in the execution of professional services.

 

It has evolved into “the products liability of the service sector,” posing a wide range of risks. Companies that think of their risks as manufacturing or product-related may be astonished to learn that outsourcing, online commerce, and intellectual property difficulties expose them to professional liability hazards. Professional Indemnity insurance is usually required to be maintained until any limitation period has expired.

 

What are the main threats? 

 

The following are some of the dangers of operating without Professional Indemnity insurance: 

 

  • Legal Risks – Professional Indemnity insurance can protect you against civil liabilities such as breach of duty, tort, and contract if you work in the professional sector. 
  • Tort Liabilities – If you don’t have a contract with your customer but they have a legal claim, they can file it under tort law.
  • Breach of Statutory Obligation – Professional Indemnity insurance is essential for certain industries to renew or maintain their trade licences, such as lawyers, VAT consultants, and auditors. 
  • Breach of Duties – Professional Indemnity insurance can also cover you for breaches of statutory duty, intellectual property theft, and fiduciary obligation. 
  • Financial Risks – If you don’t have Professional indemnity insurance Malaysia, you’re leaving your company vulnerable to third-party claims and liabilities.

 

What can firms do to reduce risk? 

There are a few things you may do to help reduce your risk of Professional indemnity insurance Malaysia:

Keeping copyright concerns at bay 

  • Be cautious about what you copy from the internet because it could generate problems for your company. 
  • To avoid copyright difficulties, we recommend that you produce your own intellectual property. 

Defending against data leaks 

 

  • All anti-virus and anti-malware software should be updated. 
  • All of your data should be encrypted. 
  • Keep an eye out for employees who bring their personal gadgets to work (BYOD). When laptops, phones, and tablets connect to Wi-Fi, they may carry viruses that infect your network.

 

Negligence by employees 

  • You put your clients and your own firm at danger by losing client information and data or exploiting intellectual property. 
  • Company laptops, as well as any information or work data stored on them, should be treated with extreme caution. Remind your employees to be cautious about where they leave their laptops. 
  • Ascertain that everyone is aware of the hazards or dangers associated with downloading programmes from the internet. If at all feasible, prevent employees from installing new software on computers and instead delegate the task to IT or management.

 

Because professional liability risks are so complicated and wide-ranging, recognising and assessing them requires a great deal of expertise. To obtain maximum coverage, businesses should examine their exposure from several perspectives, engaging with attorneys, economists, and actuaries. 

 

I hope you found this post to be useful. Please forward this article to any people who might be interested in this subject. Don’t stop to explore other interesting articles at Article Blink !

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