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Professional indemnity insurance protects businesses against claims.
When you decide to open a business you immediately confront a great deal of risk. The types of risk vary. For instance, simply going into business and hoping people will buy your product or use your service is a risk in itself. Risk also can be presented when dealing with clients. They may find fault with a service you have provided. They may even go so far as filing a claim against your business. This can be quite expensive for your business. Not only will you have legal fees to defend yourself, the court could rule in the favour of the claimant. You might be required to pay a large damage reward to the claimant. Both of these can be very draining on the finances of a business. However, these are ways to protect yourself. Taking out an indemnity liability insurance policy can provide you some peace of mind should you find yourself in this predicament.
One of two types of legal expenses can be covered by a professional indemnity policy.
First, legal expenses that might be spent trying to settle the matter out of court can be covered. Secondly, any legal expenses that were incurred trying to defend the claim in court will also be reimbursed. Keep in mind this coverage is up to the maximum by the professional indemnity policy. Usually, insurance agents are quite knowledgeable and can provide businesses guidance on what an appropriate amount of coverage would be.
One risk and its effect that cannot be covered with a professional indemnity policy is the damage to a business’s reputation. Often times, even if the company is found not guilty of the claim, sometimes the damage to the business’s name cannot be undone. This could potentially impact business until the cloud blows over.
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one simple policy for professional indemnity and public liability
buy professional indemnity as a stand-alone policy
cover levels to suit you: from £50k up to £5m
What is professional indemnity insurance?
It’s the kind of insurance that protects your business from financially crippling and often reputation-damaging claims by dissatisfied clients. Because in this everything-by-yesterday world, even the most respectable companies can find themselves in dispute with a client over a mistake. Below we list some of the danger areas your business could be exposed to:
Negligence: or breach of duty of care
Intellectual property: unintentionally infringing on others’ copyrights, trademarks, broadcasting rights, any act of passing off
Loss of documents/data: damaged, lost or stolen data and documents belonging to your clients
Dishonesty: liability arising from the theft of your clients’ money
Get indemnity insurance for your business!
Professional indemnity insurance is compulsory for most professional businesses and services. These include traditional professions such as architects, business consultants, engineers, insurance brokers, solicitors, accountants, computer consultants, IT indemnity insurance and new insurance covers for miscellaneous classes where professional indemnity insurance protects that business’s interests against claims for error, omissions, professional neglect for both the principles and their employees.
Without professional indemnity insurance companies expose themselves and run the risk of being sued for all sorts of claims.
An indemnity liability insurance policy may cover you for areas such as libel and slander, professional neglect, malicious falsehood, passing off copyrights, breach of confidentiality, and negligent statement or actions.