If you offer any professional services to customers, you need Professional Indemnity insurance to cover yourself against any potential claims that may arise in the course of your work; for example mistakes in advice or a service that a client feels is negligent on your part.
Professional Indemnity Policies
A Professional Indemnity policy should protect you against the cost of the compensation claim itself, as well as cover the cost of defending any claims.
Many claims are pure allegations and the Professional Indemnity policy will defend such claims on your behalf. Defence costs are paid by the Professional Indemnity policy – these can be considerable. Without a suitable Professional Indemnity Policy, could your business afford these costs?
Often Overlooked By Small Business
For many practitioners of a profession who start their own business, insurance is not always the first thing that comes to mind and when it does, many people think of loss of equipment, such as computers, etc. rather than guarding against professional negligence.
But, if you offer a professional service at any capacity, professional indemnity is an absolute must. Your business may be small, but the potential costs to your customer may be huge and they may seek to claim a range of losses against you if you carry any or all of the blame – whether you believe you do or not.
Who Needs Cover?
Some professions are required to carry professional indemnity insurance policies, such as accountants and financial advisors, but our clients are wide and ranging in size and profession – from Solicitors and Surveyors, to architects, IT consultants and freelance designers.
We also cover contractors who are often required by their employment contracts to have specific levels of professional indemnity insurance in place.
Basically, if you sell, advice or provide any design or consultancy services – you need professional indemnity cover. We can arrange a cost effective Professional Indemnity Policy that will meet your needs and protect your business.
Having a good professional indemnity insurance policy in place is not only a good selling tool for your business – allowing your customers to feel more secure about your services – it’s also an essential element of protecting your reputation.
If a claim were ever to brought against you, your insurer will work with you to fight the claim or work on your behalf to minimise losses.
Professional Indemnity insurance is a business necessity if you are offering professional services and advice. You safeguard your business against potential claims enabling you to grow your business and concentrate on what you are good at. And, if your contracts get bigger, many professional indemnity insurances can be expanded to suit an extended coverage of liability.
Why not contact our Professional Insurance team today to find out your options.