If you give advice or offer a professional service, you may need professional indemnity insurance. Indemnity insurance can cover the costs involved with giving wrong, negligent or misleading advice. Even if the mistake was not yours, it can be costly to defend these type of claims.
Common professional indemnity claims are:
Many clients will need you to have professional indemnity insurance in place before you can start working for them.
We work with Arthur J. Gallagher Insurance Brokers Limited, who will search a panel of insurers to get you a quote.
Any business that provides a service or gives advice could need Indemnity insurance the occupations that typically need professional indemnity include;
The level of cover you’ll need will depend on the risks involved with your business and who you do work for.
You need to consider how big are your clients and how expensive would it be to fix any issues or pay compensation for any claims.
It is also important you check what your clients need you to have as part of your contract with them. You may also find that some professional bodies will have rules about how much cover you need to be a member.
With Halifax Business Insurance you can choose indemnity limits from £250k to £5m so you can get the cover you need.
If you do then you may want to also consider public liability insurance cover. Public liability can cover an accident in your work area such as slip, trips or falls. It can also cover incidents that occur while doing business offsite, such as damage to your clients property.
For more information call 01384 862645