Professional indemnity insurance can protect you or your business against client claims of negligence and poor service.
Despite our best efforts, everybody makes mistakes in life. However, in the modern day compensation culture, mistakes can prove to be very expensive! Professional indemnity insurance can cover you if a client loses income as a result of negligence in your service or advice to them.
It's not a legal obligation to have professional indemnity insurance, but it's certainly a wise choice.
Each insurance provider offers different levels of protection. Depending on your profession, you might want to think about the potential problems you would like to be protected against. It's usually possible to insure against issues such as:
The cost of insurance will depend on the level of risk you would like to protect against. Your industry and client base will also be taken into consideration. For example, businesses that deal with high net-worth clients are more likely to face higher cover costs.
However, professional indemnity insurance is classed as a business insurance product, which means it can be deducted from your business profits as an 'allowable expense'.
The easiest way to get the most appropriate professional indemnity insurance package is to use our enquiry form. An experienced advisor will then contact you to discuss your specific circumstances.