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Professional Indemnity

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What is Professional Indemnity Insurance?

Professional Indemnity Insurance will cover any costs you may be required to pay if a client makes a claim against your business for negligence. This could happen for a multitude of reasons such as profit loss due to your professional advice or reputational damage. Professional indemnity will help you to cover the costs of settling a claim, correcting mistakes or any legal fees that may occur.

What is Professional Indemnity Insurance?

Professional Indemnity Insurance will cover any costs you may be required to pay if a client makes a claim against your business for negligence. This could happen for a multitude of reasons such as profit loss due to your professional advice or reputational damage. Professional indemnity will help you to cover the costs of settling a claim, correcting mistakes or any legal fees that may occur.

Professional Indemnity Insurance can help cover you for:

  • Slander or Libel
  • Unintentional breach of confidentiality
  • Loss or damage to key documents
  • Dishonest, malicious or fraudulent acts or omissions of an employee
  • Breach of Professional duty
  • Unintentional infringement of intellectual property rights

What kinds of businesses can benefit from Professional Indemnity Cover?

Whilst several professional associations require businesses to obtain Professional Indemnity Cover, it is not a legal requirement. However, if you are a professional consultant or working closely with local authorities Professional Indemnity Cover is highly recommended. Professional Indemnity cover is available for any business which deals closely with:

  • Professional services
  • Software development
  • Consultancy
  • Training services
  • Design

Without Professional Indemnity Insurance, many clients may be unwilling to hire you and some often state specific values of required cover in their terms.

How much Professional Indemnity Insurance will my business need?

The amount of cover you require will depend on your business and could change between clients. Cover obtained could range from £100,000 to over a million dependant on your line of work. When deciding how much Professional Indemnity cover you will need, take stock of:

  • The size of your clients – You need to ensure your cover reflects your clients. The size of your clients will impact the amount of any potential profit losses.
  • Any local authority requirements – If you are working with local authorities they will often set a minimum requirement for Professional Indemnity cover. This will need to be obtained before you can begin any work on the project.
  • The size of your projects – Consider the costs you may be liable for should you need to replace or redo any previous work.

How much will Professional Indemnity Insurance cost?

This will depend on your line of work and your business’s financial circumstances. Professional Indemnity Insurance can be added to an existing business insurance policy or taken out on a standalone basis. If you would like to receive a quote or further advice on Professional Indemnity Insurance, contact one of our Iam Insured specialist advisors now!

How much will Professional Indemnity Insurance cost?

This will depend on your line of work and your business’s financial circumstances. Professional Indemnity Insurance can be added to an existing business insurance policy or taken out on a standalone basis. If you would like to receive a quote or further advice on Professional Indemnity Insurance, contact one of our Iam Insured specialist advisors now!

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