Is It Time For A Review?
Making sure you have the right cover for liability and indemnity is vital to your business.
Professional indemnity insurance protects you and your business against claims for alleged negligence or breach of duty arising from an act, error or omission in the performance of professional services provided by you.
For certain professionals, it’s a legal requirement. You may also need it if you’re part of a trade body, or subject to industry regulation.
A Professional Indemnity policy is for businesses that sell knowledge, skill or advice, designs or specifications to customers. Even if you do not charge a fee, you can still be held liable for breaching a duty of care. Professional Indemnity offers you protection if a client makes a claim in connection with your work.
When you take out Professional Indemnity insurance, you can set your limit of indemnity. This is how much the policy would pay out for a claim and associated legal costs. When was the last time you reviewed your limits?
Professional Indemnity insurance also gives you ‘run – off cover’. This means that you’ll still be covered even after your business stops trading. This is very important benefit for retired business owners, who might find it hard to fund a claim against them.
Call our In house Professional Indemnity Specialist, Alex Roebuck on 01482 323424 for a review.