Professional Indemnity Insurance
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What is Professional Indemnity Insurance?
Professional Indemnity Insurance should not be confused with Employers’ Liability Cover. It is a more specific insurance product. Like Public Liability Insurance, Professional Indemnity cover, or PI cover, is not a legal requirement, although for certain professions and professional bodies it will be.
However, as with public liability cover, it is a good idea. Professional Indemnity Insurance covers you against the cost of claims and legal action taken against you for negligence or a mistake that has been made. There are many areas that could see you facing a claim. Some of these include infringement on intellectual property rights, defamation or libel, loss of documents or data, negligence or breach of duty, or breaching confidential or sensitive information.
The full list would take too long to create and so if you are unsure if you need it or not, speak to us and we would be happy to help.
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Who needs Professional Indemnity Insurance?
Businesses that offer direct services, or provide advice, are at risk of this happening. Professional Indemnity insurance is something to consider depending on the type of work your business does. We have listed some of the areas in the section above to show what Professional Indemnity insurance can cover to protect your business.
It does not necessarily need to be direct employees who carry out the services for your business. If you deal with contractors who carry out work on your behalf, then you could still be liable. So, if you offer services direct to clients or provide advice to your customers, then you should really consider Professional Indemnity insurance.
Think about your business and the things that could occur. Professional Indemnity insurance covers mistakes, and we all know that mistakes tend to be unintentional. It is so easy to accidentally send documents via email to the wrong person or making a simple calculation error when creating a product that means it isn’t fit for purpose. In these situations, having Professional Indemnity cover can be invaluable.
What Do You Need?
You need to speak to a Commercial Insurance Broker. Boothby Taylor Ltd specialises in Commercial Insurance and has been helping businesses for over 20 years. We can help you get an insurance quote or multiple quotes to help when you are comparing professional indemnity insurance.
It is not always easy to know that the cover you choose is the best for your business.
We are here to help and can answer any questions you have. Let us help protect your business and get you insured.
What Happens Without It?
If you don’t have Professional Indemnity insurance, then you will be responsible for the legal costs and legal fees if a claim or legal action is taken against you. If you are found liable, you will also be responsible for the cost of any compensation as well. Could you afford to foot the bill if a mistake occurs?
Talk to Boothby Taylor Ltd today to discuss your insurance needs. As a Commercial Insurance Broker in Chelmsford, we provide unbeatable rates and pride ourselves on our high-quality service.