Professional indemnity insurance can protect your business against compensation sought by a client who alleges that your advice or services have led to a financial loss. More importantly, professional indemnity insurance provides the legal costs involved in defending such claims.
If your business provides professional advice and consultancy to customers, then professional indemnity insurance is highly recommended and indeed for some professions, including solicitors and financial advisors, professional indemnity insurance is a legal requirement.
Professional indemnity insurance means that you will be covered for the legal costs and expenses in defending a claim, as well as compensation payable to your client to rectify the mistake.
When can professional indemnity insurance help me?
Mistakes can happen across all types of businesses varying in severity. For example, an Estate Agent under-sells a property and the client opens a claim for difference in sale value.
In these circumstances a claim for negligence could be lodged, and you will need to be able to afford to defend yourself; and if you lose, pay any costs and claims. If you don’t have PI Insurance, you could find that the costs and compensation due after a claim could put you out of business.
What can professional indemnity insurance cover?
- Loss of documents or data
- Negligence
- Dishonesty
- Confidentiality breaches
- Defamation
What are the benefits of SEIB’s professional indemnity insurance?
- There are various limits of cover available
- All trades can be considered
- We have access to a wide variety of markets to provide the correct cover at an affordable price
Our team can explain the risks you face without adequate professional indemnity insurance in place and help you to get the cover you need. Call us on 01708 850 000 for a quote today or email info@seib.co.uk.
