Professional Indemnity Insurance
If your business offers advice or professional services to other businesses, you should consider taking out professional indemnity cover.
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What is it?
Professional indemnity insurance can help protect you from claims made by dissatisfied clients such as; there is a problem with your work, or you’ve made a mistake which costs your client money, meaning the client may want to pursue you for compensation.
It’s important to note that even if you haven’t done anything wrong, the cost of defending yourself may be high and professional indemnity cover can help you protect yourself from these costs
What cover level do I need?
Often, your customers or clients will specify the level of cover you need. If they don’t, it’s worth enquiring about their expectations before starting a contract. Insurers typically offer cover levels from £50,000 to £5,000,000
How does Professional Indemnity cover work?
This is an example. If an engineer makes a mistake in the construction of a building project, and the error is only discovered once the project is complete, the client could lose money through time for re-building and the cost of wasted materials. The engineer would be liable for this cost.
Typical professions that require professional indemnity insurance are accountants, journalists, architects, financial advisors, IT consultants, business consultants and engineers.