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At The Needham Group, your business is important to us. Whatever the size of your business, we pride ourselves on providing a business insurance solution at an affordable price. We compare and search our panel of commercial insurers to find cover that meets your needs and helps you be protected from the unexpected
Professional Indemnity Insurance can protect towards legal liability to third parties for financial loss or damage arising from negligent acts, errors, or omissions by the business or its employees.
This insurance can provide cover to assist your business from potentially financially crippling and reputational-damaging claims by dissatisfied clients .Even the most respectable companies can find themselves in dispute with a client over a mistake.
Below are some of the danger areas your business could be exposed to:
1. Negligence – a breach of duty of care
2. Intellectual property – where you unintentionally infringe on someone’s copyrights, trademarks, broadcasting rights, or you may inadvertently pass your business off
3. Loss of documents or data – damaged, lost or stolen data and documents belonging to your clients
4. Dishonesty – liability arising from the fraudulent or dishonest acts of employees’
Albert Einstein
You’re good at what you do and have confidence in the quality of your work. So why do you need professional indemnity insurance? The reality is that any business providing a professional service that can be challenged is vulnerable to a claim of negligence when the advice or service fails to meet a client’s expectations. If your advice led to a client losing money or one of your employees completing a fraudulent act, Professional Indemnity Insurance can provide you with peace of mind.
Click on the link below and complete the enquiry form today
Professional Indemnity Insurance works in a number of ways.
It can help provide cover towards mistakes in the professional services you have provided and has led to a dispute with a client. If the dispute becomes complicated, your insurer can defend your claim – right through to the High Court, if necessary. Even if you lose, the policy will provide financially support to help cover you for any damages you then become liable for, subject to the level of cover your business is insured for.
Professional Indemnity Insurance can also help cover the cost of fixing any mistake on your part, which will potentially help you avoid a larger claim being made. You may also be protected by your professional indemnity insurance policy if you lose or damage any clients’ documents or if one of your employees are involved in the theft of clients’ money.
The Needham Group’s brokers aim to save you time and money on your professional indemnity insurance. We compare the professional indemnity insurance policies of from our large panel of business insurers and find you a policy to meet your requirements.
The amount of cover your business needs depends entirely on the type of services it provides, so there is no general rule of thumb for how much cover your business will need.
When deciding on the amount of Professional Indemnity cover to have, you should consider the value of the work you are doing for your clients and the potential financial impact on them should it go wrong. Other than that, it’s advisable to buy as much cover as you can afford.
Sometimes your client will set a minimum limit of the indemnity they require before you can work with them. This can depend on the specific nature of the services you’ve been contracted to provide, or they could have a set limit for all their service providers. Many UK government departments, for example will require their contractors and consultants to have at least £5 million of cover.
It is also worth considering taking retroactive cover for work that you’ve already completed before the policy commences. This means that your professional indemnity insurance policy will provide cover towards claims arising out of work you completed in the past. You will be given the option of taking out retroactive cover when you get your professional indemnity insurance quote.
Who needs PI Cover?
Do you give advice, make educated recommendations, design solutions or represent the needs of others? If so, then YES, you will need Professional Indemnity Insurance.
Research shows that claims against PI policies are more common during an economic downturn, so the need for cover for professionals becomes even greater. PI cover (sometimes also called errors and omissions insurance) protects professionals against negligence claims made by a client or third-party – and typically we see architects,
We all make mistakes, we’re all human – but don’t let that one mistake ruin your career, which is potentially what could happen if you operate your business without Professional Indemnity Insurance – also called PI. Our PI policies help protect professionals from any errors made while doing their jobs,
Call : 0343 5065 806
