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Professional Indemnity Insurance
covers you or your firm against claims made as a
result of negligent or incorrect professional advice
or services. It also covers legal costs associated
with the defending of any claim. You need
professional indemnity insurance if your firm
provides any kind of advice or service that could
result in a claim for negligence.
Why might I need
Professional Indemnity Insurance?
You will be running your business to the best of
your ability, and it is good business practice to
make sure that any services or advice you provide to
clients is of the utmost accuracy. However, it is
virtually impossible to eliminate every chance of
making an error, and therefore being at risk of a
claim from a client. Many claims made against firms
can run into the millions of pounds to settle, which
in many cases is more than the firm has, resulting
in liquidation. With Professional Indemnity
Insurance in place, you know that should the
worst happen that you are protected against this.
Also, if a claim is made, the insurance company
organises the defence of the claim which means that
you are getting access to vast experience, rather
than having to worry about the legal proceedings
yourself.
Furthermore, in many professions
(such as accountants or solicitors) having adequate
professional indemnity insurance in place is
compulsory to be a member of your trade
association. Also, in an increasingly litigious
society, many clients refuse to deal with firms that
do not have professional indemnity insurance in
place since they want to know that they will be
guaranteed compensation should your firm be
negligent.
There are a
number of companies who
offer competitive professional indemnity insurance.
Remember it is well worth shopping around and
comparing quotes, as professional indemnity insurance is a highly
competitive market.
