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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.
You don’t need to be told that potential risks can seem to appear from thin air. However, failure to spot something important could cause a big problem for your client. And for you.
Professional indemnity insurance can help. If a mistake in your work costs your client money, and they claim you were negligent, your insurance can defend you from these allegations. If you are liable, it can compensate the aggrieved party. It’d be risky not to have it.
Because you can’t guarantee you’ll never make a mistake in your work.
Potential risks can slip by unnoticed, even to the trained eye. But when your clients are paying for a professional service, that’s what they expect to receive. Fail to deliver, and it’s reasonable they’ll expect things to be put right. Worse still, they could claim you were negligent, and take you to court.
Without professional indemnity insurance, you’ll have to pay to defend yourself from any allegations thrown your way. Do you have the time, money, or expertise to do so? We’re guessing not.
Professional indemnity insurance allows you to get on with what you are good at: running your business. It pays a legal expert to defend you, plus any compensation you’re liable for. That’s a relief.
There’s safety in numbers. Specifically, the numbers on your insurance.
In simple terms, the more cover you have, the more protection you have. Our advice is always to buy as much as you can afford. You just never know.
But, if you have one eye on the budget (and who doesn’t?), you might want to narrow it down a little. In that case, you need to think about what can go wrong, worst-case scenario. What sort of businesses do you work with? What industries are they in? Are they big or small? How much is your very biggest mistake likely to cost to put right?
We know it’s difficult. If it helps, have a read of this guide or call us if you need more help.
Professional indemnity insurance covers negligence claims and allegations made against you by clients and third parties. That means things you’ve failed to do, or mistakes you’ve made, that have cost other people money.
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.