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When Do You Need Professional Indemnity Insurance?

When Do You Need Professional Indemnity Insurance?

Many businesses can benefit from having professional indemnity insurance. Sometimes referred to as professional liability insurance, it’s essential to understand what this covers before deciding if you need it.

This type of insurance provides protection for businesses that offer advice or a professional service. It will cover any legal costs and expenses that are incurred for your defence. As well as this, it will include cover for damage or costs that are awarded if a claim is made against you. Because providing advice or services inadequately could lead to a client losing business, they could have the right to take legal action.

Who Needs To Have Professional Indemnity Insurance?

There are no legal requirements for any business to hold this type of insurance. Although some regulators and professional bodies require businesses to hold a policy. This is because they are endorsing you as a qualified professional and want to ensure you are properly protected. This is particularly common in architecture, accountancy and chartered surveying. Some clients will also require you to have this cover, so as to protect themselves should things go wrong.

Many businesses choose to take out professional indemnity insurance even when they aren’t required to. This is because it can reassure potential clients and also offers some security. Any business that gives advice, handles client data or provides a professional service should consider this insurance.

Choosing Professional Indemnity Insurance

Every business is unique, and so the same goes for their insurance requirements. This type of cover is not a one-size-fits-all product, and it’s important to get the right option for you.

Here at Just Quote Me, we are specialists in finding the perfect insurance solutions for every need. Because we take time to get to know your business and requirements, we can find you the best deal. For more information, get in touch with our team of experts. Alternatively, fill out our free quick quote form to find the best price for your insurance needs.

The Ins and Outs of Professional Indemnity Insurance

The Ins and Outs of Professional Indemnity Insurance

Professional indemnity insurance is not something that all businesspeople need to consider. However, it is vital in many industries and in particular fields of work. Professional indemnity insurance is sometimes known as PI or professional liability insurance too. It covers the legal costs and compensation incurred if you are alleged to have provided poor advice or services resulting in a loss for your client. This loss is almost always related to money, but some clients may claim for reputational damage or similar too.

Do I Need Professional Indemnity Insurance?

In most cases, professional indemnity insurance is a choice. However, in some industries it may be a requirement to join particular industry bodies. You may not be able to join the associations and organisations which most reputable people in your sector will be members of, making it harder for you to find business.

Even if you do not have to have professional indemnity insurance you could be liable for huge costs should a case be won against you. Very few businesspeople have the money available to cover the costs of a court case and compensation, so insurance really is vital in some sectors. Professional indemnity insurance should definitely be a serious consideration if:

  1. You provide design services
  2. You provide advice or professional services
  3. For protection in case of mistakes or negligence in your work
  4. You work as a contractor or freelancer and your clients expect insurance in place for contracts
  5. Your industry body requires insurance to become a member

Some of the most common business areas where you may need to consider professional indemnity insurance include:

  • Graphic designers, architects and interior designers
  • Management and business consultants
  • IT professionals and consultants
  • Engineering contractors and technical contractors
  • Recruitment consultants
  • Tutors and private teachers
  • Fitness service providers such as personal trainers and yoga instructors

Arranging your Professional Indemnity Insurance

The level of indemnity insurance cover you need will differ dependent on your business. Discussing your options with our team at Just Quote Me will ensure you have a range of quotes and companies to choose from. Comparing insurance quotes gives you the opportunity to ensure you get the right level of cover for your needs.

Compare Professional Liability Insurance Quotes Online:

Visit our online Quote System or call us for FREE on 0800 084 2325

Safeguard your Expertise with Professional Indemnity Insurance

Safeguard your Expertise with Professional Indemnity Insurance

If you work in a business where your advice or expertise is key, you should be confident in your abilities. However, mistakes are possible and when they do occur they can be costly. Professional indemnity insurance helps to protect you should your client suffer monetary loss due to your work for them.

What exactly is Professional Indemnity Insurance?

Professional indemnity insurance is important if your business or professional service is key to your business. It protects you against compensation claims and legal fees should a client suffer financial loss due to negligence in your advice or work.

Do I have to have Professional Indemnity Insurance?

Professional indemnity insurance is not a legal requirement. However, in many industries it is essential to become a member of a professional body or to suit professional regulations. Business owners working in consultancy often aren’t required to have this type of insurance, but it can be essential should a claim occur. Other sectors that should seriously consider professional indemnity insurance including tutors, freelance recruitment professionals, designers and personal trainers, for example.

How Much Professional Indemnity Insurance do I need?

Assessing how much cover is necessary is essential before agreeing to any policy. The amount of cover you need will depend on your business activities and the nature of your business. This is one of the more difficult types of insurance to gauge the premium amount.

Each business owner needs to look at the potential financial damage possible should there be a claim. This can be difficult to work out and it means each policy needs to be uniquely tailored to the individual and the business. Too much cover is less of a problem than not enough. Keeping this in mind can widen your options.

Just Quote Me specialise in insurance for businesses. We can discuss your specific requirements and connect you with professional indemnity insurance providers to suit your needs. Contact us today to get things started.

The ins and outs of Professional Indemnity Insurance

The ins and outs of Professional Indemnity Insurance

Professional indemnity insurance is a special form of business insurance cover you may find to be completely invaluable. It is a good idea if your firm provides professional advice, help and expertise for other businesses. This applies too for individuals providing such a service.

PI insurance is also known as indemnity cover and can protect you should a client believe you have been negligent costing them financially or in time lost.

Do you need indemnity insurance?

A good question but if you offer a professional service which involves advice or handling data or intellectual property that belongs to a client/business then you could benefit from taking out such indemnity insurance cover.

Should you be subject to a claim, without PI insurance cover, then you could find that you have to pay out the sort of amounts of money that could destroy any business in the worst case.

What protection does professional indemnity insurance provide?

Professional indemnity insurance is will cover compensation to a claimant,  including things such as loss of earnings, future loss of earnings and even the cost of repairing any damage caused to personal property such as clothes, laptops, briefcases and documents.

You should look for cover against any potential damages that could be awarded to any claimant, including legal costs which can easily rack up to large amounts of money. You may also need cover for the claimant’s legal costs should you be found to be at fault, again, these can amount to a tidy sum!

Before you do take out professional indemnity insurance cover, make sure that what you were hoping to be covered under the policy is actually included as cover can differ!

Check out all of the terms and conditions thoroughly. Identify any areas where you or your organisation could be especially vulnerable to any claim.

Helpful further information

The actual level of insurance cover that you need will depend on your businesses activities and the potential risk that is attached to them. These can vary widely which is why companies such as us can help with the nitty gritty details.

Small businesses need to consider protecting themselves with this cover, especially young start-up business, with no cash-flow or financial resources to fall back on.

The actual types of risks that your organisation could be exposed to include, but are not just limited to the following:

Intellectual property disputes

Dishonesty

Loss of money

Loss of documents or data

Negligence

Confidentiality breaches

Defamation

Copyright breaches

Loss of documents

Loss of IP rights

Think carefully about your level of acceptable risk before making any quick decisions.

Compare Professional Indemnity Insurance Quotes

Compare Professional Indemnity Insurance Quotes

A guide to Professional Indemnity Insurance

What exactly is Professional Indemnity Insurance? And do you need it?

Quite simply Professional Indemnity Insurance is a type of Insurance to cover any individual or company that provides a service or advice for a fee. In other words, if you have certificated a piece of equipment as an Electrical contractor and then the equipment causes a loss to the client then this would be a Professional indemnity claim.

Another example would be if, as a professional, you give advice to a company and they follow that advice that causes them a loss then they would be able to make a claim on your Professional Indemnity Insurance too!

More businesses should have this cover

Less than 25% of UK businesses that really should have PI insurance cover actually do so, why is this? Basically it is because either they, or their current insurance providers, don’t understand it. They have more than likely not identified that such an exposure exists within the business and have therefore not catered for it fully.

This is where we can help with our over 30 year’s relevant Insurance industry experience. We can offer not only a free quotation but also specialist advice on how to fully to protect you and or your companies exposure thereby providing you with Professional Indemnity cover that fully suits your requirements.

Why choose Professional Indemnity Insurance Cover?

Why should you purchase this cover if you already have Public and Products Liability cover you may well ask? Well, Public Liability Insurance will basically provide cover for injury etc. to the Public. Products Liability will, in essence, pick up any loss or damage to a third party should a Product that you have supplied fail or be faulty. These will pick up the tangible asset damage but what about the financial loss arising from any advice that you have given? This is where PI (Professional Indemnity) becomes a must have cover.

Do you design something for a professional fee, such as an architect would? If you do, and then, for instance, a builder or manufacturer goes on to build or make the product to your specification, what happens if the item or build isn’t correct and then, as a result, causes a loss to a third party? This again would be a Professional Indemnity claim against you and your insurers which you need to make sure that you, as a responsible business, have got covered.

We can help you with your Insurance questions!

If you are unsure of your real world exposure then please do get in touch with our experts now and, even if only for peace of mind, let us advise you correctly so that you can make a fully informed decision regarding your insurance requirements.

To get a FREE no obligation Professional Indemnity Insurance quote

Go to our online Quote System or call us on 0800 084 2325.

Professional Indemnity Insurance

Professional Indemnity Insurance

Professional Indemnity Insurance Quick Quote Online Quote Professional Indemnity Insurance Indemnity Liability Insurance for professionals like you Professional Indemnity Liability Insurance covers you and your business against any potential claim arising from any...
What Should You Consider Before Taking Your Policy?

What Should You Consider Before Taking Your Policy?

Insurance is all about peace of mind and having a plan for the uncertain, the unexpected and even the disastrous events that have a small chance of happening to you and your business.

A comprehensive insurance policy will help provide support in the worst-case scenario, but it is important to choose a policy that is correct for your business.

After all, security insurance will be different from personal insurance, which would be different from engineering insurance, simply because the types and levels of risks are different.

Here are some considerations you should make before taking a policy.

 

Consider Your Needs

Every business is different, and much like how a risk assessment will vary depending on the location and nature of the business, your insurance needs will also change.

Explore your potential requirements and speak to a professional if you have any concerns.

 

Be Clear What Is Covered

When you choose your insurance plan, make sure you are completely aware of what circumstances are covered and whether that is enough for your business.

Typically, you need at a legal minimum employer’s liability insurance to cover the costs against compensation, but you will likely also need buildings insurance to cover damage to your property, contents insurance to protect anything in it, as well as business vehicle insurance.

Depending on the nature of your business you may also need protection from public liability and professional indemnity, but this can vary depending on the nature of your business.

 

Carefully Read The Terms

Your insurance policy is a legal contract, so like any other, it is vital that you or a professional working on your behalf carefully read it to ensure the specifics of the policy meet your needs.

SafeContractor Insurance Quote Online

SafeContractor Insurance Quote Online

The contractor industry is becoming more and more competitive. Get your SafeContractor insurance quote online and stand out from the crowd. This simple action can showcase your business as an innovative, safe and trustworthy organisation. This combined with a SafeContractor accreditation puts you at the forefront of your industry.

Why get a SafeContractor Insurance Quote Online?

As a SafeContractor approved contractor, you will have had to include your insurance details as part of your SafeContractor assessment. Without insurance, you will not have the accreditation.

When you send your SafeContractor assessment to prospective clients, they will be able to see your level of insurance. Your SafeContractor accreditation lasts just one year so you will need to make sure you renew or purchase a new insurance policy on the renewal date.

Your SafeContractor Approved Contractor insurance should include several aspects that work to protect your business. These include;

  • Public Liability – To help keep members of the public (and their property) safe in the event that your business causes damage or harm.
  • Employer’s Liability – A legal requirement for businesses that employ staff. Compensation claims for Employer’s Liability can reach up to £10 million, so appropriate levels of coverage are essential.
  • Professional Indemnity – If your business makes a mistake that leads to a client suffering a financial or professional loss, then indemnity insurance is vital.
  • Tool, Plant and Machinery – Protect the tools of your trade with appropriate insurance. Whatever you need on a day to day basis needs protection.
  • Commercial Vehicle/Van Insurance – if you rely on transport for your business, make sure your vehicles are covered for commercial use.

Get Your Quote Today

Just Quote Me works with a number of leading insurance providers to help find you the best deal for your insurance. To find out more about getting a SafeContractor Insurance Quote Online, contact us today on 0800 085 2325 or use our online Quote System.

Cyber Insurance Quote Online

Cyber Insurance Quote Online

Cyber/ Data Protection For Your Business

Cyber insurance is specialist business insurance to help protect you in the event of a cyber-related attack or event. This could be a regular cyber-attack, a hack into your company system, a ransomware attack or any number of other cyber assaults. It can even include hardware failure and data breaches.

If your business, like almost all in the present day, uses IT, you are at risk of cybercrime. This is a concern for all businesses of all sizes. Small to medium sized enterprises are actually more at risk than larger companies when it comes to serious company damage, as you may not have the capital to recover in the aftermath of an event.

Cyber insurance comes at many different levels and can protect you from a wide range of technological issues and failures. Securing cyber insurance with Just Quote Me ensures you get a good value, comprehensive policy.

Why does Cyber Insurance matter for your Business?

Cyber-attacks have brought some of the largest companies in the world to their knees. Imagine this happening to your business. With companies such as Equifax, the NHS and FedEx effected by cyber-attacks, it can happen to anyone. Cyber insurance provides financial peace of mind should a cyber event effect your company. No business owner can afford to ignore this potential threat.

Do all Businesses need Cyber Insurance?

Cyber insurance protects your business from cyber risks. If any aspect of your business is run online or uses the internet, then it should be a consideration. It protects against risks which could damage both your business’ financial position and reputation. Almost all businesses now rely on IT for some element of their services, so there are probably very few who can honestly say they can do without cyber insurance!

You may find your existing policies such as business interruption and professional indemnity insurance have a degree of cyber protection, but is it comprehensive enough? These policies are not designed with the latest cybercrimes and threats in mind, whereas the best cyber insurance policies are.

What does your Cyber Insurance cover?

Cyber insurance may cover several different things, dependent on the level you opt for. You will find policies which offer scalable cover including elements such as:

  1. Financial cover for dealing with data breaches
  2. Financial cover for dealing with any cyber liability compensation claims
  3. Financial cover for business losses and interruption
  4. Financial cover for supporting your business through the aftermath and impact of the cyber event
  5. Financial cover for hardware and data repair and replacement
  6. Forensic investigation, expert advice and IT support

Cyber Insurance Quotes with Just Quote Me

At Just Quote Me we can help you find the right level of cyber insurance for your business. Our many years’ experience in business insurance allows us to quickly and efficiently get a good understanding of your company and its needs. Contact us today to get your cyber insurance quotes.

You can get a FREE no obligation Cyber Insurance quote today on 0800 084 2325 or fill out our Quick Quote Form.

Close Protection Insurance

Close Protection Insurance

Close Protection Insurance Quick Quote Close Protection Insurance Whether you are an established brand or individual providing professional services, your endeavors expose you to various risks. Among the most efficient ways to mitigate such risks is acquiring...
Insurance For Schools: A Mini Guide

Insurance For Schools: A Mini Guide

Education institutions, such as schools and colleges, have a very unique set of insurance risks. Because of the nature of the business, most standard insurance policies do not provide adequate cover. This often means that specialist insurance for schools is needed to protect them and their pupils. If you are managing an independent school, state-funded school, academy or other educational facilities, we are here to help with your insurance needs.

What Is Insurance For Schools?

A school environment often comes across unique and complex risks that require specialist cover. When it comes to insurance for schools, there are many things that need to be considered and included in policies. School insurance policies are designed specifically to protect students, teachers and the school’s reputation.

Some areas that have coverage with a school insurance policy include;

  • Supply teacher insurance, which covers some circumstances where supply staff need to be paid.
  • Liability insurance, including employer’s liability, public liability and hirers liability.
  • Travel insurance, particularly for school trips and overseas travel for groups.
  • Professional indemnity insurance, which will protect the reputation of the school should pupils or parents be unhappy with teaching.
  • Legal expenses, in the event that a school needs to pay legal fees for any reason.

Insurance For Schools From Just Quote Me

At Just Quote Me, we are experts in finding specialist insurance products for all industries. We will work hard to understand your needs as a school or college and find the very best insurance options for you. Our team are on hand to provide any advice you may need to choose the right insurance to protect your staff, pupils and school reputation. Because we work with so many insurance providers, we are able to find the best possible prices for your school. To find out more, get in touch or fill out our Quick Quote Form.

Commercial & Industrial Insurance

Commercial & Industrial Insurance

No matter your business or industry, having the right insurance in place is essential. Commercial & industrial insurance is a type of cover that protects businesses from loss.

Because every business is different, the insurance policies they need is also varied, and it is important that you get the right policy for your company. An office-based business is going to have different requirements to a factory. Consequently, insurance policies need to reflect this. Here at Just Quote Me, we offer commercial & industrial insurance options for a range of businesses.

Commercial & Industrial Insurance Options

When it comes to business insurance, there are various options available. The type of insurance that you need will depend on your industry and operations. Most commercial & industrial insurance policies will include;

  • Public Liability Insurance: This covers your business for claims made against you by a visitor or client. This could be because of injury, loss or damage to property in your business premises.
  • Employers Liability Insurance: Any company with employees must have employer’s liability insurance. This covers you if an employee becomes ill or injured while working for you.
  • Professional Indemnity Insurance: Sometimes referred to as professional liability insurance. This cover is for legal costs and expenses that could arise if a client alleges that your business provided inadequate services or advice that lead to them losing money.
  • Business Buildings Insurance: Buildings insurance will cover your physical buildings of the business, such as a factory or office.
  • Business Contents Insurance: Damage to contents caused by fire, theft or flooding can be covered by contents insurance.

Are You Looking For Commercial & Industrial Insurance?

There are many other options available for commercial and industrial insurance, such as equipment cover, stock insurance and business interruption cover. For more information on insurance for your business, and to discuss your requirements, contact our team or fill out our Quick Quote Form.