Professional Indemnity Insurance
.jpg&width=208&height=208&corners=all)
List of Professions:
Accountants - Architects - Design & Construct - Immigration Consultants - Independent Financial Advisers - Insurance Brokers - Mortgage Brokers - Recruitment Consultants - IT Consultants - Loss Adjusters - Media & Marketing - Miscellaneous Professions * - Surveyors / Valuers / Estate Agents - Solicitors - Translators - Will Writers
* Please complete the Miscellaneous Proposal Form should your profession not be listed
ALL PROPOSAL FORMS CAN BE FOUND UNDER THE DOCUMENTS TAB
Professional Indemnity Insurance protects your business from financially devastating and reputation damaging claims by dissatisfied clients. The everything-by-yesterday world we live in puts huge pressure on even the most respectable companies which can lead to a dispute with a client over a mistake. Professional Indemnity Insurance is written on a ‘claims made’ basis therefore its the policy in force at the time of a claim notification regardless of when the alleged neglect might have occurred.
Some of the danger areas your business could be exposed to:
- Negligence: or breach of duty of care
- Intellectual property: unintentionally infringing on others’ copyrights, trademarks, broadcasting rights, any act of passing off
- Loss of documents/data: damaged, lost or stolen data and documents belonging to your clients
- Dishonesty: liability arising from the theft of your clients’ money
How will it protect my business?
1. It will cover you if you make a mistake in the professional services you have provided that leads to a dispute with a client. Even if you lose, the policy will provide cover for any damages you then become liable for subject to the level of cover your business is insured for.
2. The cost of fixing any mistake on your part, therefore avoiding a larger claim being made. Fixing a problem before it becomes an even bigger problem is simple common sense.
3. If you lose or damage any clients’ documents in your care or if one of your employees are involved in the theft of a clients’ money.
How much cover do I need?
No two businesses are the same therefore no single amount of cover suits all. Nobody knows your business and the exposure it faces better than you. Always buy as much cover as you can reasonably afford.
Often, your clients will set a minimum limit of the indemnity they require. This can depend on the specific nature of the services you’ve been contracted to provide.
Always consider taking out retroactive cover for work that you’ve already completed before the policy commences.
IMPORTANT: Please always refer to the quotation / policy wording for full policy terms, conditions and exclusions. Details available on request.