Quite simply, Professional Indemnity Insurance protects your business against claims made by dissatisfied clients, particularly those who have experienced a financial loss. It covers the cost of defending allegations of negligence in the services you have provided including any advice or consultation you have provided.
How Professional Indemnity Insurance will help your business
When starting a business, most entrepreneurs are nervous about the business plan, cash flow, competitors, regulation, taxation, staff, premises, leases….It is no surprise that it is a stressful and intense time. Many firms, in particular those in media and IT are forgetting a vital part of their business protection – Professional Indemnity Insurance.
Having professional indemnity insurance will show your clients and prospective clients that you are a reputable company who have an insurer to call on for help should your error cause them a loss. The cover also gives you peace of mind that, should allegations be made against your company regarding the quality of your work then you will have the best defence team available.
If you are tendering for Government contracts, professional indemnity insurance is a must with many pre-qualification questionnaires including professional indemnity cover as a standard requirement.
According to a Hiscox study of SME’s, worryingly 50% of businesses didn’t think that professional indemnity insurance was relevant for them. If you are in any doubt then give us a call, send an email or send us a fax with your situation and we will be pleased to provide advice.
Claims Examples
PR Company
A client who is dissatisfied with its Public Relations campaign for not delivering the results predicted by the agency could sue the PR agency claiming the gave them ‘bad’ advice which resulted in financial loss, whether they are justified in doing so or not. The cover will normally pay damages awarded against you in court or compensation payments as well ad legal defence costs.
Dodgy Registered Name
After consulting with company registration agents, a business being told that they could trade under a particular name. Following the launch of the business, proceedings issued by a company with a similar name and compensation demanded.
Problems with rent review notice
An estate agent missing the opportunity to carry out a rent review because of a defective rent review notice could be sued
Marketing Company ‘Typo’
A marketing company fails to spot a spelling error in a large print run of corporate brochures it has printed for a client. In this situation an insurer may have to pay to have the batch reprinted as quickly as possible. This way, the policyholder is spared the cost and reputation damage while the client may be satisfied and unlikely to sue.
Professional Indemnity Trades Covered
We have facilities for most businesses and professions including;-
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Accountants |
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Advertising Consultants |
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Architects |
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Building Surveyors & Consultants |
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Business & Management Consultants |
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Charities |
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Computer Consultants |
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Communication Consultants |
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Estate Agents & Property Management |
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Financial Institutions |
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Health and Safety Consultants |
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Heating/Air Conditioning Consultants |
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Housing Associations |
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IT Consultants, Land Surveyors |
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Letting Agents |
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Loss Adjusters Management Consultants |
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Project Managers |
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Recruitment Consultants |
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Quantity Surveyors |
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Security Consultants |
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