Professional Indemnity Insurance
Professional indemnity insurance provides protection against the financial consequences of making errors & omissions. Professional indemnity insurance is essential for any organisation that gives advice or provides services in a professional capacity.
It is all too easy in today's competitive, fast-moving commercial climate for mistakes to be made, deadlines to be missed - or simply to forget to do something. The financial consequences can be severe. There is an increasing trend for unhappy clients to sue when things go wrong.
What does professional indemnity insurance protect against?
Professional indemnity insurance will protect you against a range of liabilities arising out of services rendered or advice given, including:
- Negligence – allegations of a breach of your duty of care to a client or of an error or omission
- Dishonesty – claims arising from theft, misuse or misappropriation of client funds
- Infringement of copyright or trademark
- Loss of or damage to documents belonging to your clients
By effecting professional indemnity insurance you can transfer most of theses risks to your insurer.
What is a sensible amount of cover for professional indemnity insurance?
The recommended amount of cover (often referred to as a "limit of indemnity") varies according to the business involved. It depends upon the type of work undertaken, typical contract values and a host of other factors. If you want guidance on a suitable professional indemnity limit, either contact us or speak to your professional or industry body.
What types of business take out professional indemnity insurance?
Generally, any business that is involved in providing advice, design, specifications or knowledge should consider taking out a professional indemnity insurance policy. We arrange professional indemnity insurance for a whole range of businesses and professions from engineers to teachers.
How can I get a professional indemnity insurance quotation?
We offer two distinct approaches to providing professional indemnity insurance:
- Special fixed rate schemes for specific professions such as teachers liability and complementary therapists.
- A bespoke broking service where your nominated account handler will make a presentation to a selection of leading insurers before recommending the best combination of cost and cover.
Our bespoke service also offers:
- A flexible and innovative approach to your requirements
- Bespoke policy wordings
- Policies which meet the requirements of Professional Bodies
- High limits of indemnity
- Cover where specific contractual obligations entered into or implied terms of business impose a responsibility or requirement to insure
- Policies which dovetail with public and products liability insurances
- Quotations and cover for both traditional and new occupations
Whichever route you choose you will benefit from our expert claims handling service, including access to specialist legal advisers and professional indemnity insurance loss adjusters.
For further information about professional indemnity insurance or for a bespoke no-obligation quotation, please contact us.