FAQs from YOUR Insurance.
Professional Indemnity Insurance at a glance Professional Indemnity
Insurance protects your business from financially crippling and
reputation damaging claims from dissatisfied clients. When the
pressure is on, even the most professional businesses can make
mistakes or fall victim to unscrupulous employees. Professional
Indemnity Insurance ensures a mistake doesn’t cost you your
business. Who needs Professional Indemnity Insurance? Any business
providing advice, consultancy or specialist services over and above
the standard achievable by an ordinary person could be classed as a
‘professional’ in their field and should consider the benefits of
Professional Indemnity Insurance.
What does Professional Indemnity Insurance protect
Professional Indemnity Insurance could protect your business
from legal and other costs resulting from a variety of potential
- Lost or stolen documents, whether hard copies or information
held on PCs or laptops. The cost of retrieving data is also
- Dishonesty, in the event that one of your employees steals from
- Infringement of copyright, trademarks and broadcasting rights,
which can result in a substantial claim against your business.
- Negligence or a failure of your employees to exercise a duty of
care during the course of their work.
Is Professional Indemnity Insurance compulsory?
It is for some professions (including solicitors, accountants,
architects, insurance brokers and financial advisers). But for some
businesses, operating without Professional Indemnity Insurance is
simply not an option because of their level of potential risk. Some
client organisations may also demand a minimum level of
Professional Indemnity Insurance cover before they can consider
working with a particular business.
It makes sense to seek advice from an insurance professional on
the level of Professional Indemnity Insurance appropriate for your
business. The right amount of cover will depend on the risks facing
your particular business as well as the value and impact of the
- Lost or stolen documents
- Theft or dishonest employees
- Breach of intellectual property