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Professional indemnity insurance defends you against claims of negligence, breach of confidentiality, dishonesty, libel and slander. We offer up to £10,000,000 cover.
Deciding which students make the cut is a big responsibility. You have to judge whether they have the skills to make it in their chosen profession. Arguably, their future is in your hands.
And if one of your students feels that you’ve failed them unfairly, you could find them accusing you of professional negligence. You don’t need to be a genius to know that could spell big trouble for your small business.
In these situations, professional indemnity insurance can help save you time, money, and your reputation.
We’re sure it’s rewarding to know you’re helping people get the qualifications they need for their chosen career.
However, that positive feeling isn’t going to protect you from allegations of negligence hurled your way. Even the most experience professionals can make mistakes in their work. Misjudge a student’s skills, or the marking criteria, and you could have a serious impact on their education.
Chances are, they’ll expect you to put things right. And claims like this don’t go away on their own; you have to do something about it.
So, you need professional indemnity insurance because you have a business to run; because you have limited funds; because you’re not legally trained; and because your reputation matters.
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.
If you have any employees, employers’ liability insurance is a legal requirement. If an employee suffers an injury or illness as a result of working for your company, they can sue it for damages. Your insurance can cover their compensation, plus any legal fees.
If you visit clients, or they visit you, consider getting some public liability insurance. This covers you if someone is injured, or their property is damaged, and you’re to blame.
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.
If you’re a company boss, you can protect yourself with directors’ and officers’ insurance. Anyone can accuse you of not running your business with due care, and in the UK, company 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.
Glad you asked.
The simple answer is: we know what we’re doing. Professional insurance is all we do so we know what you need, even if you don’t.
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.
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.