Professional Indemnity Insurance
Does your business provide professional services and advice?Have you considered how it would cope if one of your clients claimed damages against you on the basis of an act you’ve committed or breach or omission during the course of your professional duty as an individual or representing your company? In today’s litigious society, its common for clients, patients or third parties to take legal action if they believe they’ve suffered because of a professional negligent act. If your business is involved in providing professional services or advice, a professional indemnity insurance policy can provide financial protection from expensive legal suits if something goes wrong.
The costs associated with defending a negligence claim, as well as damages that may be awarded in a civil lawsuit, can be financially devastating to a business. That’s why businesses such as engineers, medical services, accountants, architects, IT and management consultants and more need to be covered by professional indemnity insurance.
As every finance broker knows, Professional Indemnity insurance is essential for access to leading lenders. Many insurance brokers only offer generic Professional Indemnity insurance that is used to cover all types of professional occupations. It’s cover that is not designed to meet the particular needs and licensing requirements of finance brokers.
A professional indemnity policy in its most basic form will provide cover for:
- Alleged failure to perform services appropriately
- A financial loss caused
- An error and omission in the service or product sold
However, a good professional indemnity policy will also provide you with cover for defamation (libel slander), breach of contract, breach of warranty, and intellectual property breaches. Why take the risk when you can protect yourself and your business today, against any professional indemnity claims?
Get in touch to find out more about Professional Indemnity Cover today.