Professional Indemnity Insurance is necessary protection for any business, large or small, that provides services, or professional advice to clients, such as architects, accountants, solicitors and consultants, or those in the maintenance and transport fields.
It is important to tailor Professional Indemnity Insurance to the requirements of your individual business.
It can protect against compensation claims arising from:
- Breaches of confidentiality
- Misrepresentation or poor advice
- The dishonesty of your employees, partners or directors
- Negligence (or breaches of duty of care), errors and omissions
- The unintentional infringement of intellectual property rights
- The loss of documents or data
- Unintentional trademark infringements
Professional Indemnity Insurance covers the cost of defending these claims so you won’t be liable for any legal fees or, should you lose the case, the cost of putting things right or paying financial compensation.
Who Needs Professional Indemnity Insurance?
Your business may require Professional Indemnity Insurance if:
- It provides a professional service
- It handles confidential information
- It gives advice to clients
- It uses copyrighted material or intellectual property belonging to others
- You belong to a professional body where PI Insurance is compulsory
- A client insists your business has it before they offer you work
Paying to correct a mistake you’ve made or defending yourself when the quality of your work is questioned could put your company out of business.
If a claim or allegation is made against your business, Professional Indemnity Insurance covers the cost of your legal defence and any damages awarded you need to pay to put things right, up to the cover level you choose.
Why you should consider it:
- Provides peace of mind financial protection for your business even in the event of an invalid claim. In certain circumstances it also covers fees owed by a client who refuses to pay because of your negligent act and threatens to counter-claim should you pursue what’s owed to you
- Minimises disruption to your business in the event of a claim against you
- May be required for regulatory or contractual compliance
- Enhances your business’s reputation as a professional firm
Policy features can include:
- Costs incurred for breach of professional duty
- Breach of confidentiality
- Bodily injury arising from breach of professional duty
- Costs for court attendance
- Dishonesty of employees
- Infringement of copyright
- Loss of documents
- Cover for previous work
- Flexible cover levels
Tel: 01934 623 656