Professional indemnity insurance provides cover for your business in the event that legal action is taken against you by a dissatisfied client claiming to have suffered a loss as a result of advice you have given in a professional capacity.
If you have any questions concerning Professional Indemnity Insurance please call Clarke Dove Insurance on 0115 962 0855.
Professional Indemnity Insurance Explained
Even the most reputable company can find itself in a dispute with a client over a mistake. There can even be a dispute when no errors have been made. Having professional indemnity insurance helps you protect the business you have worked so hard to build up.
Professional Indemnity (PI) insurance is liability insurance that covers your business legal liabilities in the event of a third party taking legal action against you, claiming to have suffered a loss as a result of advice you have given in a professional capacity.
Do I need Professional Indemnity Insurance?
You might be thinking exactly that, ‘do I need professional indemnity insurance? I’m not an Accountant.’ A ‘professional’ is generally regarded as any person who offers specialist advice, design specification or other professional services and can include Designers, Consultants, Advertising Agents, Translators and Private Investigators amongst others, as well as the more ‘traditional’ professions such as Accountants, Surveyors and Solicitors.
How do I get a Professional Indemnity Insurance Quote?
To ensure you get the right insurance cover, you’ll need to be ready with some basic business information such as:
- Total income
- Limit of indemnity and excess (if you’re not sure, that’s how talking to a qualified Insurance broker can help as they will advise you)
- Nature of your business and the risk profile (this relates to the type of advice you give, products sold and any management and business issues)