Professional indemnity insurance defends you against claims of negligence, breach of confidentiality, dishonesty, libel and slander. We offer up to £2,000,000 cover.
When your clients require accuracy down to a fraction of a degree, there’s a lot of pressure to get things right. And when you’ve got less room for errors, that’s when they seem most likely to crop up.
Luckily professional indemnity insurance for drafters can help. If a client alleges a mistake in your work has cost them money, your PI insurance pays for a specialist solicitor to defend you. If you are at fault, it can compensate unhappy clients or third parties.
Why do you need it? Because it helps save you time, money, and your reputation.
If you’re a member of a professional body, professional indemnity insurance may be compulsory. The Chartered Institute of Architectural Technologists and Royal Town Planning Institute both require practising members to hold PI insurance.
If you ever go to visit clients, public liability insurance is useful. This covers you if you’re responsible for injuring someone or damaging their property. You should also consider portable equipment cover.
If you have any employees, it’s a legal requirement that you have employers’ liability insurance. This provides compensation for your employees if they suffer an illness or injury at work and you’re to blame. It also covers legal fees, if needs be.
Some, but not all, professional bodies specify minimum levels of cover for their members.
RTPI members fall under these guidelines:
Annual fee income below £40k: £100,000 minimum level of cover.
Annual fee income £40k - £199,999: two and a half times gross annual income.
Annual fee income £200k or more: £500,000 minimum level of cover.
If your professional body doesn’t require a minimum level of cover, or you’re not a member of one, you’ll have to decide how much insurance you need by yourself.
You should consider, what you do, who you do it for, and the maximum potential cost if things go wrong. For more help on what to consider, read this guide on what to consider.
Run-off cover is insurance that starts when you stop trading. Potential problems with your past work don’t go away just because you’re no longer in business - you can still be held liable for defects and negligence. Run-off cover protects you against claims arising from work you’ve already done.
Generally, drafters should have it for at least six years. Call us for more information on how to get it.