This might be the year you launch your own business, in which case it is essential you take all the necessary protections first. For some companies, this might include getting professional indemnity (PI) insurance. To find out if that includes you, read on.
What is professional indemnity insurance?
Professional indemnity insurance protects businesses having to pay for legal defence or compensation if there is a claim made for a bad piece of advice, negligence at work, or a dodgy service that has resulted in financial loss for the client.
Unbiased.co.uk explains: “In the event of being sued, these professionals need to pay a lawyer to defend them in court, as well as the costs associated with rectifying and reprinting.”
Do you need it?
Therefore, businesses that might need it include those that provide a consultancy service, in case there is a mistake in the advice given; handle data, in the event of a data breach; or offer expertise and there is an error in the calculations or plans.
What kind of professionals require PI?
If you are still uncertain whether you need PI, Lloyds Bank has published a long list of professionals that should take it out.
These include business or IT consultants, accountants, architects and surveyors, engineers, interior designers, town planners, and those involved in education or risk management.
What does it not cover?
There are some things PI does not protect against, so you might need to take out other policies for better protection.
For instance, PI does not cover damage to a client’s reputation; employer liability and public liability.
For a chat about professional indemnity protection or other business insurance policies in Stafford, get in touch with us today.
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.
Working as an electrician often involves much more than just fitting and repairing electrics. Many electrical contractors are responsible for producing specifications and designs. Because of the complex nature of the job, it is not uncommon for problems to arise.
Working with electricity is dangerous and so can result in injuries or fire. In this situation, an electrician could be at risk of a compensation claim being made against them, especially if they had been professionally negligent. Insurance can help to protect electric contractors from these kinds of claims. If you are wondering if you need insurance, or what type of coverage you may require, then read on for our quick-start guide.
Public Liability Insurance For Electrical Contractors
If a compensation claim is made because someone suffers an injury or property receives damage, then public liability insurance can protect businesses. It is a requirement for all electrical contractors. This type of insurance will cover any compensation, as well as associated costs and expenses. In most cases, the insurance company will handle all claims on the electrician’s behalf so that they don’t need to handle complex legal situations.
Professional Indemnity Insurance
Because public liability insurance often doesn’t cover professional negligence, professional indemnity insurance is also necessary. This will cover electricians against claims that arise from defects in specifications and designs produced. Professional indemnity insurance is usually only a requirement for contractors who produce designs and specifications.
For those that simply fit and install existing designs and specifications, public liability insurance is often enough. However, because these kinds of claims can come years after a job is complete, it is vital that you keep insurance documents even if the business isn’t trading.
Are You Looking For Electrical Contractors Insurance?
Here at Just Quote Me, we work with many leading insurance providers. Because of this, we can help find the best deal for your business. For more information and a FREE no-obligation quote, contact us today.
If a business uses raw materials, parts or components to produce goods, it falls under the heading of manufacturing. This applies whether that business provides those goods in an artisan workshop operated by a sole trader or a factory employing hundreds of workers. And it applies whether those goods are clothes, computers or cars.
As a result, finding manufacturing insurance can be complicated. This is why it’s so important for businesses to get it right. If a business doesn’t get it right, they could find themselves having to cover the cost of lost or stolen goods, repairing or replacing machinery, or compensation claims.
Insurance for manufacturing plant policies
Businesses can buy a single, comprehensive, insurance policy or separate policies. When businesses combine policies they offer full cover for any eventuality. Regardless, insurance cover should include:
- Employers Liability for staff injured while at work.
- Public Liability for customers, visitors or members of the general public injured on the premise.
- Manufacturing or Product Liability if anyone suffers an injury due to their products.
- Building and Contents for the physical, bricks and mortar, building and equipment stored inside.
- Stock and Raw Materials, which aren’t covered by contents insurance.
- Plant and Machinery, which covers repair or replacement of machinery, which can be expensive.
- Business Continuity, which includes the costs of setting up an alternate location or of losses from customers taking their business elsewhere.
Buying insurance for manufacturing plant
Because there are so many different types of manufacturing businesses, it is necessary you choose the policies that work best for you. And the best way to do this is to work with an independent insurance broker such as Just Quote Me. Just Quote Me can find you the best policies at the best price. By taking the time to discuss your specific requirements and getting to know your business, Just Quote Me work hard to find the perfect policy for you. Contact them today on 0800 084 2325 for a free, no-obligation, manufacturing plant insurance quote.
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:
- You provide design services
- You provide advice or professional services
- For protection in case of mistakes or negligence in your work
- You work as a contractor or freelancer and your clients expect insurance in place for contracts
- 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
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.
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
Loss of money
Loss of documents or data
Loss of documents
Loss of IP rights
Think carefully about your level of acceptable risk before making any quick decisions.
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.