Tag: professional indemnity (PI)

In George, thirty-four people died when a partially completed five storey residential building collapsed. This event is tragic, and albeit the worst building disaster in South Africa, is by no means an isolated incident of professional incompetence.

Artificial Intelligence (AI) is arguably one of the most prolific buzzwords of the past decade. Since the advent of ChatGPT in late 2022, AI has become a hotly debated topic beyond the boardroom, reaching casual dinners and braai's. True, AI presents potentially both humanity’s greatest achievement and unknowable prodigious risk. True, AI presents potentially both humanity’s greatest achievement and unknowable prodigious risk.

In today’s complex financial landscape, business owners need more than just insurance policies. Business owners need the comprehensive, unbiased advice that can only come from an Independent Financial Adviser (IFA) to create a holistic financial plan. It is important to understand the distinction between a ‘tied agent’ and an IFA.

The severity of risks in the liability space have increased two-fold – not only is the frequency of litigation on the rise, but exposures related to professional error have also increased. This is mainly due to factors relating to the poor economy and a skills deficit.

The year-long listeriosis outbreak in 2018, the Boeing 737 crashes in 2018 and 2019, and the collapse of the M1 Grayston Bridge in October 2015 are but a few out of many instances linked to some form of human error in business, frequently with long-term consequences.