There are as many different types of business insurance as there are different types of businesses, from public liability to employer’s liability and cyber insurance. They are all designed to give you peace of mind, knowing that in the event of the worst happening, you have protections in place.
But while you’re looking at , it is important to give careful consideration to what insurance policies are right for your business. We have a look at professional indemnity insurance, whether it is for you, and what level of cover you need.
What is professional indemnity insurance?
Professional indemnity insurance offers protection in case a client makes a claim against your business if they believe that your work has caused harm to their company or resulted in financial losses. Professional indemnity insurance, also known as professional liability insurance, will typically cover the costs if you are found liable.
What does professional indemnity insurance protect you against?
Professional indemnity cover will vary between insurers. So always check what’s included with your policy. And remember, just because a quote is cheap, doesn’t mean it’s the best value and protection.
Let’s look at what professional indemnity insurance will cover you for:
Confidentiality breach. If you accidentally disclose information or data to a third party, without your client’s consent.
Irresponsible employees. If you have an employee, or former one, that impacts your client’s business by lying, stealing or behaving in a dishonest, fraudulent or malicious way.
Professional negligence. If you fail to live up to your duty of care, such as giving bad advice, and it costs your client time and money.
Defamation. If you use or produce written or spoken statements or materials that damage a client’s reputation.
If your business involved giving advice or professional services to a client, then you should consider taking out professional indemnity insurance. Mistakes can happen, no matter how experienced or careful you are, so make sure you have protections in place.
If you’re looking for business insurance in Staffordshire, get in touch today.