Professional Indemnity Insurance is an important type of business insurance, designed for businesses that give advice or provide a professional service to clients. It can cover compensation claims if legal action is brought against you by a client for making an error that leads to financial loss.
Liability
Professional Indemnity Insurance
From consultants to caterers, contractors to those in construction, if you are providing advice or a professional service, you need this cover to defend yourself against allegations that you’ve not done your job properly. Professional indemnity insurance will cover you for wrongful advice, negligence, errors or omissions by you that could cause a client to suffer a loss, either to their reputation or financially.
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What do I need to look for in professional indemnity insurance?
- Cover for any wrongful advice perceived or otherwise. The policy could also cover the cost of legal fees and compensation up to the insured level of indemnity.
- Flexible payment plans to help you spread the cost, including flexible payment dates, payment plan options and early settlement options
- Tailored policies to suit a wide range of professions
- Confidence that if mistakes are made, the policy will protect your business
Why choose Business Choice Direct?
With such a wide range of business needs, finding insurance tailored to you can be a challenge. That’s where we come in. We take the time to really understand your business, and just as you are an expert in your field, rest assured, when it comes to insurance, we really understand ours! So you can be confident that you will get the most appropriate policy, at the best rates too. If you value your business and your reputation, you need Professional Indemnity cover to defend yourself, whether you are at fault or not.
Frequently Asked Questions need some help?
What is the difference between Professional Indemnity Insurance and Public Liability?
Professional Indemnity Insurance covers the above, whereas Public Liability Insurance covers physical damage to a third party property or person.
Why is Professional Indemnity Insurance required?
It provides cover for financial loss caused by wrongful advice or services. If you are providing advice, consultation, or design services it is recommended that you have Professional Indemnity Insurance. You may also be required to hold Professional Indemnity as part of a contract with a principal contractor.
Does a limited company need Professional Indemnity Insurance?
It is not an insurance product required by law and depends on the type of services provided by the company. Professional Indemnity Insurance is prudent when it comes to businesses offering a professional service such as accountants, solicitors, consultants, architects, etc.
Other Considerations
- Public liability insurance – Cover to deal with claims for physical damage and injuries to property or people, caused by your business, wherever it takes place.
- Employment liability insurance – The only business insurance required by law if you employ anyone doing the same job as you, even as an apprentice or work experience student.
- Directors & Officers – provides essential protection against the financial costs of claims where you are personally liable.
- Cyber liability insurance – protection against this very real modern day threat. Small businesses are particularly vulnerable, no matter how careful you think you are.