Recognizing Your Risk Indemnity for Professional Services

In recent years, professional risks have significantly evolved with the regulatory environment. Professional indemnity insurance, also known as professional liability insurance or PI insurance, pays for your defence’s legal fees as well as any penalties or charges that may be imposed if it is claimed that you gave your client poor advice, services, or designs that resulted in financial loss.

A legal firm or other service providers may benefit from professional indemnity insurance to protect them from lawsuits and pay the expense of defending themselves against allegations of mistakes, malpractice, or carelessness on their part. Broadly speaking, professional indemnity insurance must be kept in force for the full duration of any limitation term, which in the UAE is 10 years.

What steps may businesses take to Mitigate Risk?

Let’s delve into some of the few steps to reduce your Professional Indemnity risk, including:

• Preventing copyright violations
  It’s ideal to produce your own intellectual property rather than copying anything from the web, therefore be cautious not to get into trouble for doing so.
• Data encryption is a must
  Watch out for employees who bring their personal gadgets to work. When users are able to access to the Wi-Fi, laptops, phones, and tablets might carry malware that infect your network.
• Safeguarding against data theft
  All antivirus and anti-malware software should be updated.
• Employee misconduct
  1. You run the risk of losing client data and information or misusing intellectual property, endangering both your customers and your own firm.
  2. Any information or work data on workplace computers and other devices should be treated with extreme caution. Tell your personnel to be cautious about leaving their laptops in public areas.
  3. Ensure that employees are informed of the risks associated with downloading applications from the internet. Avoid allowing staff to install new software on workplace computers.

Bottom Line

Professional Indemnity presently carries substantial and sophisticated risks, and has been dubbed “the products liability of the service industry.” Businesses that consider their vulnerabilities as being product or industry focused might be amazed to learn that outsourcing, internet sales, and intellectual property difficulties might position them to professional risks.

It takes a lot of professional inspection to detect and estimate your risks. To obtain maximum protection, firms should assess their risk from a number of perspectives and work with lawyers, economists, and actuaries.

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Varun R Chandra

07:38 25 Apr 21

HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.

Giuseppe Assi

06:20 31 Jan 21

I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more

Mohamed Sheriff

16:16 28 Jun 20

Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more

218141 JOSEPH THOMAS

16:20 23 Jun 20

Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more

PMI

07:14 23 Jun 20

In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more

RAVI CHOKSI

08:28 21 Jun 20

Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more

Maharajan Subramaniam

18:17 06 Jun 20

High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more

Mohammed L

08:07 05 Jun 20

We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more

ROY ROSHAN VIVIAN

06:32 04 Jun 20

Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more

Basil Daniells

05:55 03 Jun 20

I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more

Amar Kashyap

19:28 02 Jun 20

Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more

Radz de Jesus

16:03 02 Jun 20

We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more

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