Professional Indemnity Insurance
Professional Indemnity Insurance is a form of insurance that covers you if you make a mistake during your work that causes financial or reputational loss for the client. This can cover several aspects of your work including:
Who needs professional indemnity insurance?
Professional Indemnity Insurance is suitable for businesses and individuals who provide professional advice, specialist knowledge or services to their clients. If a client relies on your expertise or recommendations to make decisions, even a small mistake or misunderstanding could result in a claim for financial loss.
- Accountants and bookkeepers
- Architects and surveyors
- Engineers .
- Consultants and business advisers
- Marketing, branding and creative agencies
- IT consultants and software developers
- Financial advisers and insurance brokers
- Recruitment agencies
- Designers and other creative professionals
Mistakes can happen to anybody and if you are providing advice or a professional service it is crucial that your business is safeguarded against any allegations. This is not a legal requirement however, some industries may require it regardless, largely dependent on client expectations and regulatory bodies. Professional negligence claims can be costly and have large financial consequences. Professional Indemnity combats this for compensation and legal costs.
Deciding how much cover you need can be difficult and vary drastically between industries and the size of the contracts and clients you have. Its best to check these with your regulatory body if applicable and also seek the assistance of an insurance broker in finding the best cover. Circumstances can vary so a tailored approach is essential, which is what we offer at Goldstone Broking – contact us now for a free quote and we can analyse your business and what cover is needed.
