Receiving a complaint from a client is always disappointing and is unfortunately ever more common in this increasingly litigious environment. It is of the utmost importance that the terms and conditions of your Professional Indemnity Insurance (PII) policy are understood and adhered to when dealing with any ‘circumstance’ which might ultimately lead to a claim.
As specialist PII brokers, we are regularly in contact with companies whose management and staff are unfamiliar with the terms and conditions of their PII policy, especially in relation to the identification, detection and notification of any potential circumstance which may lead to a claim. We would advise that management and staff are reminded of internal procedures as any failure to abide by the PII policy’s terms and conditions could potentially leave your firm exposed even though appropriate insurance is in place.
We have outlined a number of key points below to consider when reviewing how prepared you and your staff are to adhere to the notification terms set out in your PII policy when dealing with a potential circumstance.