Professional Indemnity
Professional indemnity insurance is there to protect your business if you deal with giving professional advice or expertise to other individuals. For example, you could be sued for breach of confidentiality if one of your employees accidentally e-mailed sensitive information about one of your clients to the wrong person. To summarise, professional indemnity insurance (also known as PI insurance or indemnity cover) can protect you if a client deems you to be negligent, costing them time and/or money.
Do I Need Professional Indemnity Insurance?
Does your business offer professional expertise and advice? Does your business handle intellectual property or data belonging to one of your clients or another business? If your answer to any of those questions is yes, you could benefit from taking out one of our professional indemnity insurance policies. If something goes wrong and you are on the receiving end of an indemnity claim, the damages could be enough to end your business there and then.
What Will My Indemnity Insurance Policy Cover?
A professional indemnity insurance policy is designed to cover the cost of the compensation/damages to the claimant, which includes (but is not limited to) the cost of repairing damages, current and future loss of earnings and so on. You can also opt for over against and of the claimant’s legal costs and any damages awarded to them.
Your business may be exposed to the following risks:
- Breach of copyright or confidentiality.
- Dishonesty or defamation.
- Loss of documents and/or data.
- Disputes over intellectual property (IP).
- Negligence.
Getting A Professional Indemnity Insurance Quote
It is possible to combine your indemnity cover with another type of insurance, one of the most popular being employer’s liability. Combining your indemnity policy into a joint one could save you time and money with cheaper premiums and less paperwork for you to deal with along with having the same renewal dates for all your policies.
You can head over to our contact form to get your request started straight away. Alternatively, if you would like to speak to us first you can give us a call on 0161 763 8222. Our insurance experts have over 20 years of experience in the industry. We will be happy to answer all of your questions and get you the cheapest quote possible for yourself tailored directly towards your business.