Professional indemnity insurance defends you against claims of negligence, breach of confidentiality, dishonesty, libel and slander. We offer up to £5,000,000 cover.
You have an eye for data, and figures are like a second language to you. But here’s a figure that doesn’t bear thinking about: the cost an allegation of professional negligence could have on your business.
It’s not a pleasant thought, but even specialists can make errors in their work. Luckily, professional indemnity insurance can help. It can compensate your unhappy clients, and cover your legal fees, if your work falls short of your usual standards.
Because sometimes, things just go wrong. It doesn’t matter how tight your database is, or how many times you double and triple check those figures, sometimes an error just slips through.
It happens to everyone, even the best of us. But sadly, that isn’t going to provide much comfort to your unhappy clients. Something as simple as an extra digit or a figure entered in the wrong column could potentially cost them money.
And when they’ve paid you to provide a specialised, expert service, chances are, they won’t be too happy about that. They’ll probably want compensation, and the problem fixed. And if solicitors get involved, things can get a bit tense.
Without professional indemnity insurance, you’d have to fork out for your own legal fees and any damages you’re liable for.
If things go wrong, PI insurance takes care of all the unpleasantness. So you can get on with running your business in peace, the way it should be.
Professional indemnity insurance protects your business. No one else’s.
So you have to decide what level of cover is enough for you. Consider what you do, who you do it for and how much it’s worth. Think about worst-case scenario and what could go wrong. What’s the most expensive mistake you could make (or be accused of making)?
Always bear in mind that you can’t have too much cover. Your legal defence can cost many tens of thousands of pounds – and that’s before the compensation bill from your client arrives. Your level of cover has to be enough to cover all of this.
It’s a tricky one to get right. Have a read of this guide or call us if you need more help.
Negligence claims and allegations made against you by clients and third parties, because of mistakes you’ve made and things you’ve failed to do.
Specifically (but depending on the policy wording):
But that’s not all. Some professional indemnity policies can fix a mistake before your client is even aware of it, thereby preventing a claim in the first place.
Public liability insurance is for when you go out and about on business, or have visitors to your office. It’s for claims of physical damage to property and people. Useful if you’re clumsy.
Employers’ liability insurance covers your business if an employee sues it for damages. Claims are usually because they’ve suffered injuries and illnesses as a consequence of working for you. It’s a legal requirement for UK businesses with employees.
Office and property insurance covers the things in your office (furniture, plants, fixed IT equipment etc) and portable insurance covers gadgets and technical equipment away from the office (laptops, tablets, projectors etc). If you’re not sure it’s worth insuring, add it all up – it’s probably worth more than you think.
Business interruption insurance means you can still work when your office is out of action. Be it flood, fire or flea infestation, you’re covered for the costs of setting up elsewhere and for any lost revenue in that time.
Directors’ and officers’ insurance covers your company bosses. Anyone from regulators to shareholders to competitors can accuse you of not running a business with due care. Worse, directors are personally liable for their actions. The good thing is this insurance covers your defence costs and any compensation you have to pay. So you can put away your chequebook.
The simple answer is: we know what we’re doing. Professional insurance is all we do so we’d like to think we know a thing or two about it.
We also know that buying insurance can be, well, a bit of a pain. So we make sure getting yours is quick and hassle-free.
We do all that while treating you like a human being, too. You won’t find a call centre here. Or a phone menu. And we’ve banned nonsense insurance jargon.
Anything else? Well, there’s the free stuff you get. We have an ‘I’m insured!’ badge for your website – perfect for the professional professional. We’ve also teamed up with print specialists, MOO, to give you a one-off 20% discount off their entire range of printed products.
Also, you get to talk about your business in front of thousands on our blog, and we’ll >give you money each time you recommend us.
Plus, every insurance-related question you can think of is answered in our School of Risk, and you’ll get our quarterly risk advice email – ‘The Waggle’ – to help you avoid problems in the first place.
If you’re after a second opinion, have a look at our customers’ feedback. They’re the ones you should really listen to.