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Accidents happen, they are never planned and are unpredictable. Professional indemnity insurance will pay out any compensation claims in the event that your mistake causes your client to suffer financial loss.
Professional indemnity insurance protects you in the event that your business failed to provide the quality of service which it promised.
The main reason for having professional indemnity insurance is to protect your business financially in the event that a compensation claim is made against it, and to cover the costs associated with defending such a claim.
Everybody makes mistakes, but when it comes to business mistakes can become incredibly costly. Compensation payments where businesses are involved can easily run into the tens of thousands of pounds
Professional indemnity insurance covers you in the case of :
This could be the result of something as innocuous as accidentally forwarding someone the wrong email. Or you give a client a piece of unsound financial advice without making the full picture clear to them, and as a result they lost thousands of pounds.
Often, it is the smallest errors which can end proving the most costly.
It could impact badly on your reputation as well as your finances.
One important thing to note it that professional indemnity insurance doesn’t not cover you for the costs of any reputational damage the client has suffered as a result of your mistakes.
Professional indemnity insurance is particularly important for businesses which offer advice, design or consultancy.
The amount of professional indemnity insurance you need depends entirely on your company’s circumstances and the risks it faces.
Cover can be anything from £50,000 to £50 million.
Professional indemnity insurance is suited to a variety of industries, including:
It is available as standalone cover or as part of a combined policy with other covers such as public liability insurance(LINK)
Whilst professional indemnity insurance is not normally mandatory, it would be ill advised to not properly protect yourself and your business.
Below is a list of the most common optional extras you can get as part of your professional indemnity insurance policy:
So if you want to get a quote from our range of expert providers, then make sure you fill out an online quote form today!