Professional indemnity insurance
Who it’s for
To understand whether you need professional indemnity insurance, you firstly need to know what it is.
Everyone is aware of public liability insurance, this covers you or your business against any physical injury, illness, disease or damage that you cause to a 3rd party.
You need to have a physical loss for this to operate, is you hit someones car, a cleaner spills bleach on a carpet or a plumber sets fire to a house. These are all examples of a PL claim.
Professional indemnity covers a financial loss suffered by a third party because of advice you have provided or a service you have carried out. There does not need to be a physical loss, although this can be included. Think of the accoutant that gives wrong advice or the IT consultant that recommends an ineffective computer system.
These are examples where a business is paying for advice (or a service) and after this has been delivered it becomes apparent that the advice was negligent.
Why it’s important - examples
Professional indemnity claims are never small. If a company gets to the stage of making a P.I. they have to think it is cost effective to do so.
In addition, professional indemnity, in line with other business liability insurance polices, provides cover against spurious claims. We have all heard of the stupid claims that are made. What we do not always realise is, that these claism cost money to defend, this is where your professional indemnity policy can help.
How businessinsure can help
We have our own cover in place and we understand which insurers will provide a competitive professional indemnity insurance quote for each particular trade.
Let us do the hard work for you. A business insurance broker is the best way for you to get a range of quotes.
More information
Any business or charity that is providing advice or a service, for a fee, will more than likely have a requirement for professional indemnity insurance. There are too many different types of company to list. A professional indemnity quote can cost as little as £200 depending on the limit of indemnity and the type of business.
Quoteline: 08456 024 589 (local call rates apply)
Quoteline: 08456 024 589
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