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Businesses that offer advice, professional legal or consultation services or handle client data and intellectual property will most likely want to have professional indemnity insurance.
Professional indemnity insurance covers you if a client claims compensation for any mistake in the advice you gave them. This includes any errors in designs, plans or calculations and accidental disclosure of sensitive data or any infringements on a client’s legal rights.
Some clients will only work with businesses with professional indemnity insurance cover. Certain professional bodies and industry associations, such as the Financial Conduct Authority (FCA) and Solicitors Regulation Authority (SRA), also make it compulsory.
Professional indemnity insurance will cover compensation costs and legal fees for monetary losses in the event a client claims against you.
Mistakes can occur in many areas, from building measurements to strategic advice. If your mistake causes a client financial loss, they have a right to claim against you.
Professional indemnity insurance protects you against claims of:
Negligence
Should one of your employees lose or misplace any important documents that enclose secure information, they can put the client in danger of losing money.
Infringement of intellectual property rights
Copyright holders can sue for damages if you don’t have the appropriate intellectual property rights and licensing for copyrighted images and photos.
Breach of confidence
The sharing of confidential and commercially sensitive information without prior consent from the owner.
Client Fund Mismanagement
Protects against claims related to errors in handling or managing client funds.
Legal Defense Costs
Covers legal expenses incurred while defending against claims, even if the allegations are unfounded.
You could also be sued for libel, slander or defamation, employee dishonesty or accidental transmission of a computer virus.
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A PI policy may protect structural engineers from claims relating to mistakes, negligence or omissions in their professional services.
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Professional indemnity cover is crucial to protect architectural practices and their reputation against compensation claims. PI cover may also cover legal costs if their professional advice or designs cause financial damage or physical harm.
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The regulating professional body requires accountants to have professional indemnity policies in place. A PI insurance policy may cover the legal costs for any successful legal disputes, which can potentially save accountants from bankruptcy.
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Although not specifically requested by a trade organisation, PR professionals may choose to protect themselves with PI cover in case of client disputes or breach of confidentiality.
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Medical employees may need medical malpractice insurance to cover them financially if a client sues them for clinically negligent services.
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Professional indemnity insurance serves as a form of legal defence against third-party claims. A PI policy could also cover extensive legal fees tied to a claim made against you. This is relevant if a client loses money because of your financial advice.
If a third party should make a claim, and you’re without professional indemnity insurance, you may have to pay hefty amounts in damages. You could also face reputational repercussions, which can get your business in trouble and cost you your livelihood.
A claim against you may reach hundreds of thousands, if not millions. You will need a policy that will cover costly fees to save your company should a mistake be made.
The average coverage provided by professional indemnity insurance providers is £50,000 up to £2 million. The cover itself can be bought as a standalone cover or included as part of a business insurance policy encompassing other areas.
The easiest way to find the right deal for your business is to compare professional indemnity insurance via Quote Goat. We make it easy to get a quote and compare several leading insurance providers in one place.
Each business’s price for indemnity insurance will be determined by various factors. This includes the type of work they do, whether or not they have made a claim before, and how much cover they choose.
Business owners can deduct certain ‘allowable expenses’ when calculating their taxable profits. Luckily, business insurance can be classified as one of these deductible expenses. Professional indemnity insurance is seen as a day-to-day expense required to keep the business running.
This is especially true when it comes to businesses where professional indemnity insurance is required by law. It's important for business owners to maintain accurate records of all income and expenditures, including insurance premiums. Retaining receipts and policy documents is essential for substantiating these expenses in the event of an HMRC review.
You can get professional indemnity insurance to cover you while working with international clients. When working with international clients, it is still possible to be sued and have to pay compensation for negligent advice that causes physical or financial damage to your client.
Confirm with your provider or thoroughly read your policy documents to note the geographical and jurisdictional limits.
Geographical limitations refer to the physical location your professional indemnity insurance will cover you for. Juridicial limits refer to which country's laws or legislation your professional indemnity insurance is required to follow.
Public liability insurance covers claims made by a member of the public. Your business may have directly or indirectly led to personal injury or financial losses. For example, if a client visits your premises and gets injured. With the right public liability insurance policy, you should have cover if the claim results in compensation payouts and exorbitant legal fees.
Professional indemnity insurance refers to services rendered and protects you if your work or suggestions cause harm or trigger financial losses. Clients can then decide to sue. In certain industries, professional associations require specific businesses to get professional indemnity cover due to the high-risk nature of the industry.
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