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Professional Indemnity Insurance

Professional Indemnity Insurance at Competitive Prices.

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. Examples of professionals who take out professional indemnity insurance are Accountants, IT contractors, Management Consultants, Immigration Consultants, Surveyors and Advertising Agents.

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.