What is Professional Indemnity Insurance?
Professional Indemnity is quickly becoming a much sought-after product, designed for those in a professional occupation who provide their advice and expertise to clients. It safeguards against potentially devastating losses in the event where a customer alleges your business has provided unsound or inadequate advice.
Who Benefits From Having It?
‘Traditional’ Professionals such as Solicitors, Financial Advisers and Architects are required to have this liability insurance to be able to practice in their industry.
Professional Indemnity is however becoming increasingly important as opportunities expand for businesses to protect the advice that they give. It is a type of liability insurance often required by clients and certainly worth considering obtaining in professions such as Engineers, IT consultants, Consultants and Contractors.
What Cover Will I Receive?
Often these policies will cover you for any legal defence costs and if your client won their case against you, their compensation.
Common claims with a Professional Indemnity policy include Professional Negligence, Loss of Documents, Contract Disputes and Defamation cases.
As Professional Indemnity is completely bespoke to your needs, there are various factors to consider with the cover you may require.
Call us today on 0345 862 2727, where one of our experienced team would be happy to gather an in depth understanding of your business and tailor policy for you.