Professional Indemnity Insurance and Directors and Officers Insurance

Businesses or individuals that are involved in in the provision of a service in return for a fee, such as accountants, computer consultants and financial advisers wil usually have a requirement for professional indemnity insurance.

This protects your business against compensation sought by a client if you have made mistakes or are found to have been negligent in some or all of the services that you provide for them. Professional indemnity insurance will usually cover any legal costs.

Most professionals carry professional indemnity cover. If you are a lawyer, accountant or financial adviser, then you must have professional indemnity insurance. Professionals such as architects, consultants, advertising and PR agencies, and designers often opt for such cover as well. If you need an insurance quotation or advice about whether you need a quotation, please call Businessinsure to discuss.

Ensure you are properly covered
One important aspect to bear in mind when considering professional indemnity insurance is that, because there can often be a long delay between an event and a subsequent claim, you need to be covered both at the time of the event and when the claim is made.

This means that if you plan to cancel your policy when you close your business or retire you may need to arrange "run off" cover for a period of time afterwards.

Professional Indemnity can be provided at different limits of indemnity, please call Businessinsure to discuss.

Directors' and officers' liability
Directors and officers of businesses have various duties, responsibilities and powers in connection with their position. In most cases these are set out in a job description or terms of reference. As a result they can be held responsible for a range of issues including:

health and safety
data protection
maintaining satisfactory accounts
fraud
negligence

If your business' directors or officers are found to have inadvertently acted outside their terms of reference and this gives rise to a claim, then any compensation and legal fees will be covered by directors' and officers' liability insurance. If the act was deliberate, then it may not be covered by the policy.

If you need to discuss a quotation for Directors and Officers insurance, please call Businessinsure on 08456 024 589.