Professional Indemnity insurance protects professionals against claims of negligence or breach of duty made by a client as a result of receiving professional advice or services from your business.
If someone alleges that you have made a mistake, overlooked a critical piece of information, mis-stated a fact or they have mis-interpreted you in the course of your work, and this results in a financial loss for your client, then they may take legal action against you to recover these losses.
Whether or not the allegation is true, Professional Indemnity Insurance seeks to protect your assets, your reputation, and the contents of your back pocket should this occur. This means you can continue in your business without the stress of financial or reputational ruin should a claim arise.
The risk of claims against you isn’t always determined by your skill or level of professionalism.There is always the risk of an unhappy client making a claim against you. While you can’t control this, we’re here to make sure you have some control in what happens next.
Regardless of the merit of a claim, your Professional Indemnity Insurance will pay for your legal defence as well as any judgments or settlements that you or your business may have to pay to compensate the suing party, up to stated policy limits.
Going to court to defend a claim might be in your ‘too hard basket’ but consider not going could be viewed as an admission of guilt and have worse repercussions on your reputation!
If you’re getting paid for your professional advice or opinion, then you need to make sure you are covering yourself! Professional Indemnity cover is necessary for: