What is professional indemnity insurance?
The professional indemnity insurance policy is a legal liability insurance product protecting you against claims made against you in respect of your legal liability for loss arising from a breach of professional duty arising during the course of your business.
Who needs professional indemnity insurance?
Anyone engaged in the provision of professional services, whether this be advice, consultancy, design, planning or representation has a potential exposure to a claim being made against them by a client in respect of their responsibility for loss as a breach of professional duty.
How much does professional indemnity insurance cost?
The cost of the professional indemnity insurance depends on a few key risk factors including the occupation or activities you are engaged in, the limit of indemnity you require and your trading history including details of any claims you may have previously had made against you.
To provide you with the most competitive quotation and terms for your business, we need to gather an appropriate level of information from you.
How much cover is required?
Only the professional can access the amount of cover appropriate to the business. In determining how much cover to effect, it is important that a realistic view is taken of the potential damages and legal costs for which the business could become libel.
Being under-insured can be almost as financially disastrous as being without insurance at all. Many of the traditional authorising bodies do have minimum levels of cover
How do we add value to a Professional Indemnity Policy? By including a Cyber Liability Extension which will provide the following;
Cyber extensions can provide:
Remember: By adding available extensions to your professional indemnity insurance policy you would be enjoying robust protection, maximizing the value provided when a claim is made. In today’s world, Cyber Liability has become a must for business or professionals using the internet particularly where one stores customer personal or business data on their computer(s) or on their website.
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