Competitive Professional Indemnity Quotations Online
Why your business needs Professional Indemnity Insurance
Despite your best efforts, mistakes can happen. You may feel confident in the quality of your work, but any business professional is vulnerable to a claim or allegations of negligence when their professional advice or services fail to meet a client’s expectations. A single slip-up could lead to costly compensation as well as legal fees in the event that a client alleges they have suffered a financial loss or damage as a result of your conduct.
Professional indemnity insurance can protect your business from claims arising from your mistakes, errors, omissions, poor conduct or advice.
Protect your business and protect your future.
You may need PI cover for a number of reasons. For example, to comply with legal, regulatory or trade association requirements, to meet contractual obligations or simply to protect your business from potentially unaffordable claims and damage to your business reputation.
Professional Indemnity is Suitable for:
- Any Occupation where you provide advice or a Professional Service
- Accountants, Bookkeepers
- Architects, Archaeologists
- Compliance firms and Consultancy Services
- Complimentary Therapists
- Design/Construction Services, Engineers
- Estate & Letting Agents
- Financial Services professions such as Mortgage Brokers & IFA’s
- General Insurance Intermediaries
- Growing professions’ such as Advertising, Recruitment agencies & IT consultants
- Management/Business Consultants, Lifestyle Coaches
- Training and Marketing/Media Consultants
- Will Writers & Estate Planners
- In fact any individual or organisation providing professional services either on a stand-alone basis or alongside other core services.
What are the benefits of PI cover?
Most PI polices will provide a range of cover options and whilst the following is not an exhaustive list, these covers are typical of most policies:
- Optional limits of cover up to £5 million
- Negligence, errors and omissions in the course of your work
- Dishonesty of Employees
- Libel and Slander
- Infringement of copyright
- Loss of documents
- Unintentional breach of confidentiality
- Court costs
Your PI cover will normally:
- Meet your legal, regulatory or trade body/association requirements
- Help you comply with any contractual obligations
- Defend your business against costly claims brought about by allegations of your unprofessional conduct, poor service, negligence, errors and/or omissions (whether such allegations have any substance or not)
- Pay any compensation to your client that is awarded by the arbitrators or the courts, but only up to the level of indemnity you have chosen
- Pay for any legal costs incurred in defending a claim, even if the claim has no substance
- Support you with expert legal advice and representation where necessary
- Help minimise disruption to your business
- Give confidence to clients that you run your business professionally and that your professional standing and reputation is important to you
Why your business needs Liability Insurance
Please note that if you purchase Professional Indemnity from The PI Desk Online Quote and Buy website you will (depending on your occupation) have the option to add Public, Product Liability & Employers Liability insurance. Please note that where your occupation is not eligible to add PL/EL the Quote and Buy system will advise you accordingly. PL/EL is not available in isolation from the online Q & B system but the benefits of and reason for buying PL & EL is explained below
Public & Product Liability Insurance
Liability Insurance is part of the commercial suite of insurance you need to protect your business, it is usually a very cost effective cover with relatively low premiums for large limits and it will protect your firm from the financial penalties and compensation awards should you receive a claim for damages.
It can cover you in respect of any compensation awarded to third parties arising out of their accidental Personal Injury or accidental loss or Damage to their Property as a result of your professional activities.
Why you should have Public Liability insurance
- It protects the business – Even if you don’t have visitors to your office or home, you could still suffer a public liability claim against your business; for example, if you accidentally damage a client’s property in their own home or office.
- You have limited funds/resources – Easy access to ‘no win no fee’ legal services helps individuals claim compensation and this may increase the likelihood of your business experiencing a public liability claim.
- You need legal expertise – The legal and compensation costs of defending your business against a public liability claim could significantly damage your business.
- Support your staff – Anyone working for you could be the cause of a public liability claim against your business should their actions at work cause an injury to a client or member of the public.
- Satisfying your clients – It is common practice for companies and organisations to insist that all suppliers providing professional services have public liability insurance cover in place.
Product Liability insurance covers you in respect of compensation you may have to pay to third parties arising out of accidental Bodily Injury or accidental loss of or Damage to their property caused by any of your Products.
Employers Liability Insurance
For most UK businesses, Employers’ Liability insurance is a legal requirement and you could be fined if your business is not covered correctly.
Employers Liability insurance covers you in respect of compensation/awards paid to your employees should they have an accident or suffer an illness as a result of the work they conduct for you.
Why you should have Employers Liability insurance
- It’s a legal requirement – keep on the right side of the law
- You have a business with people to manage – Any person working for you could make a claim for damages. This can include employees, voluntary helpers and/or self-employed whilst working under your supervision
- You have limited funds/resources – Easy access to ‘no win no fee’ legal services helps individuals claim compensation and this may increase the likelihood of your business experiencing a liability claim if employees have an accident or suffer an illness which has been caused as a direct result of their work for your business.
- You need legal expertise – The legal and compensation costs of defending your business against an employers liability claim could significantly damage or disrupt your business.
- Reputational damage – you need to prevent the loss of long standing clients, avoid expensive and costly reputational/brand rebuilding.
Please note: IDM Commercial Finance is not regulated to provide advice on insurance products. By clicking on the ‘Get a Professional Indemnity Quote’ button above you will be automatically redirected to The PI Desk Ltd, one of our selected Insurer partners who will deal with your enquiry through to the completion and purchase of your chosen insurance products.
The content above is generic information provided by The PI Desk and is shared here for your convenience.