If you want to make sure your business and professional reputation are protected, you’ll need adequate PI insurance. It’s essential cover for your financial and legal responsibilities if you provide a service or offer professional advice. Put it this way, if your negligence resulted in significant financial losses for your client and they submitted a legal claim against you, could your business and reputation survive?
Professional indemnity insurance can help cover you for damages which are awarded against your business, for legal costs in defending against a suprious claim and for any other costs that may be awarded against you.
How is PI risk assessed?
When it comes to insuring a business for professional indemnity, insurance underwriters will normally assess:
• The nature of your business
• The industry that your business operates in
• Your total business income
• The amount of indemnity cover you need
• The amount of excess payable
• The risk profile of your business
Of course, no two businesses are the same and quotes may vary significantly between providers. For this reason, it pays to compare professional indemnity insurance quotes to make sure you’re getting the right deal for you and the most comprehensive cover at a price you can afford.
What will I be covered for?
Most policies will cover you for:
• Neglect, error or omission including breach of contract
• Dishonest, fraudulent, criminal or malicious acts or omissions of any person employed at any time.
• Unintentional breach of, or unauthorised use of, confidential information, trade secrets, patents and copyrights of the systems or programs of third parties
• The publication or utterance of a libel or slander.
• All costs, charges and expenses incurred in replacing or restoring any documents that have been lost, damaged, destroyed, mislaid, distorted or erased.
• The negligence of any specialist consultants or sub-contractors acting on your behalf or for whom you are responsible.
• Any retroactive cover for all work since the start of the policy.
Always check your full policy wording to make sure you know exactly what your particular policy will cover you for.
In today’s litigious world your business can be exposed to all manner of risks, so it pays to have the best and most comprehensive cover you can afford. For more information on professional indemnity cover, read our business insurance guides or compare quotes now with Policy Expert.