Why you need it
If you offer advice or a professional service to clients, it's wise to ensure you're financially covered against negligence claims. For example, if you provided flawed financial advice to a client that subsequently lost them money - they may seek compensation. For some professional service bodies, a certain level of cover will be a regulatory requirement.
Professional indemnity insurance will normally be the core element of your cover. This can help give your business financial protection if you're faced with a claim against you for professional errors, omissions or neglect.
What does it cover?
Professional indemnity insurance: This is likely to be the backbone of your insurance package. It can help give your business financial protection if you're faced with a claim against you for professional negligence. This type of cover is specially designed for those professionals who sell their skills and knowledge, such as architects or IT consultants. For some professionals, such as solicitors and financial advisors, it will be a regulatory requirement. In other cases, clients may insist that your business has professional indemnity cover before working with you.
Public liability cover: If you own a business property that is visited by clients or customers, you might want to cover yourself in case someone is injured whilst at your property.
Employers' liability cover: If you employ others, this type of cover is legally required. It could help you cover compensation claims if an employee is injured or becomes ill through working for you.
Who needs it?
Any business or individual offering advice or any other professional service to clients should consider this type of cover.
Here are some specific industries that may benefit from a business insurance package for professionals.
Architects Consultants Accountants
Know-how
Take a browse though some of our handy articles on insurance for professionals: