Professional Indemnity Insurance
Professional Indemnity Insurance
Professional Indemnity Liability Insurance covers you and your business against any potential claim arising from any potential negligent act by you in the course of your business or profession.
This Insurance cover is required when you either give advice on a product or service or you design for a fee or commission something which you don’t go on to install or build etc.
Many professions such as Solicitors, Accountants, Financial Advisors and Architects, for instance, Insure for Professional Indemnity Liability Insurance.
A detailed look at this type of cover
Lets take a look at the detail of Professional Indemnity protection. This is a type of Insurance to cover any individual person or company providing a service, or even advice, for a professional fee. Put simply, if you have certificated a piece of equipment. for instance as an Electrical engineer or contractor, and then the certificated equipment causes a loss to your client, this would be a potential claim against you and your insurers. Another example would be if, as a professional, you provide advice to a company and they follow that advice causing them a loss, they would then be able to make a claim against your Professional Indemnity Insurance.
Incredibly, less than 25% of all UK businesses that should have PI insurance cover actually do! This is because either they, or their current insurance provider, does not understand it or recognise it’s importance in modern business. Their mistake is that they have not correctly identified that such an exposure exists within the business and have therefore not included it in their budgeting and planning.
Finding the right protection for you
This is where we can really help to make a difference for you in terms of cost and the actual cover that youw will receieve! We have over 30 year’s relevant Insurance industry experience. We offer not only a free quotation but also our specialist advice regarding how to protect your company. We specialise in providing you with Professional Indemnity cover that fully suits your requirements in a cost effective manner. Why should you purchase this cover if you already have Public and Products Liability cover? Well, Public Liability Insurance will basically provide cover for injury etc. to the Public. Products Liability will, in effect, pick up any loss or damage incurred by a third party should any Product that you have supplied fail or be faulty. These will therefore pick up the tangible asset damage but what about any financial loss arising from advice that you have provided? This is where PI Insurance becomes necessary Insurance protection. 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.
Get your online quotation today!
Just Quote Me provide online Insurance quotations to protect your and your business against the possible situation of a claim arising from any professional negligence. Our policy can vary in cover from a sum assured of £50,000 to £5m, depending on your own needs.