If you are in the business of giving advice or providing a professional service to members of the public, you need to have Professional Indemnity insurance to satisfy the legal “duty of care” that you owe to your clients as a professional. It will protect you if a claim is made against you for wrongful advice, errors or omissions.
If you breach your “duty of care”, for example by making a mistake in the services or advice you provide then your client can claim compensation from you for the losses and expenses caused by your negligence.
In our increasingly litigious society, operating without the protection of professional indemnity insurance is very risky. You could be exposed to professional neglect claims, libel and slander, breach of confidentiality, copyright infringement or perhaps a dishonest act by one of your employees.
Professional Indemnity insurance covers the cost of compensation to clients if your professional advice has caused them to lose money. Professionals such as solicitors, accountants, financial advisors, architects and surveyors may be required to have this insurance by their industry regulator, just as we have.
A wide variety of advisory businesses and consultancy services can be exposed to a professional negligence claim. Our knowledge and contacts in the market will allow us to source the right cover at a realistic price.
Various levels of cover are available dependant on your occupation and the requirements of your business.