Professional Indemnity

What is Professional Indemnity Insurance?

When you’re running a business that offers qualified advice or services, you have a professional duty of care to act with a certain standard and skill when dealing with your clients.

You may think – ‘it will never happen to me’ - but Professional Indemnity insurance protects you and your business against claims of negligence or breach of duty arising from an error or oversight in the performance of your profession.

The right policy can safeguard you against being liable for personal injury, property damage or financial loss. It can also offer protection for your professional reputation.

Do I need Professional Indemnity Insurance?

Do you deal with clients day to day and charge a fee for doing their books, advising on the design of a new building, or making any other written recommendations? Professional Indemnity insurance is a vital type of cover for any business that provides advice for a living.

In these types of professions, you hold the responsibility that your advice or services are of a certain quality. Therefore, an unforeseen breach of duty in your professional service could leave you liable to pay for losses occurring as a result of this.

Whether you’re a small or large business, the threat of potential claims is very real in today’s business environment and can potentially leave you bankrupt without proper insurance. It’s not worth the risk.

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What is not typically covered?

Known claims and known circumstances

No cover for claims and circumstances known before the period of insurance.

Public Liability

This must be covered separately under a Public Liability policy.

Employers Liability, Directors and Officers Liability

Employee injury or discrimination claims are not covered under Professional Indemnity insurance - these require separate policies.

Terrorism, War and Civil war

Any act or action that is connected with terrorism or war.

How we get the right cover for your business

Our team of insurance advisors will take you on a journey and help you understand the risks and cover required for your individual business needs. We’ll be with you every step of the way, as your business grows and changes, providing tailored advice for your policies. In evaluating your business needs, we’ll consider a number of factors:

What professional area of advice or services do you provide?

Do your clients require you to hold a minimum amount of professional indemnity insurance to work for them?

Does your industry body set a minimum level of insurance?

What potential risks, and level of risks, could you and your particular business be exposed to?

What potential claims could occur from your business activities?

Have you had any previous claims made against your business?