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PROFESSIONAL INDEMNITY FROM ONLY £25/MONTH.
A SINGLE ACT OF NEGLIGENCE CAN POTENTIALLY DEVASTATE A BUSINESS. PROFESSIONAL INDEMNITY INSURANCE ELIMINATES THAT RISK.
If your business faces the threat of a complaint from a customer or supplier, it could have severe repercussions. Particularly when offering advice or professional services to other businesses, obtaining professional indemnity insurance is highly advisable.
Providing incorrect advice can result in your business facing legal action. Professional indemnity insurance shields you from a variety of scenarios, including allegations of libel and slander.
Even if your business is not at fault, the expenses associated with legal proceedings can be significant, and professional indemnity coverage safeguards you against these costs.
Often, your clients may stipulate the level of cover required for professional indemnity. For further details on the coverage provided or any inquiries about our professional indemnity service, please contact one of our friendly team members or provide some brief information, and we’ll promptly get back to you with a quotation.
OUR PROFESSIONAL INDEMNITY INSURANCE INCLUDES
What is professional indemnity insurance?
Professional indemnity insurance provides protection in the event that an error made at work or advice given to a client leads to financial loss, damage to reputation, or legal action against you.
In such instances, a professional indemnity policy can intervene to cover any expenses you might face if the dispute proceeds to court and pay out any damages if the client’s claim is successful.
Who needs professional indemnity insurance?
It’s essential for anyone offering their skills, advice, or services, whether on a pro bono basis or for financial compensation, to have professional indemnity insurance.
This requirement spans across a wide range of industries, encompassing specialist trades like plumbers, carpenters, and builders, as well as professionals such as graphic designers, copywriters, and website developers. Even individuals in fields like accounting, architecture, and law can derive significant benefits from professional indemnity protection.
What if I’m self-employed or work for free?
In addition to being strongly recommended for businesses, professional indemnity cover is equally vital for individuals who are self-employed. This is because when you’re self-employed, your personal and business assets are viewed as interconnected entities. Consequently, items such as your home and car could be jeopardised if a claim is brought against you.
Even if you offer your services for free, a client could still initiate legal action or seek compensation from you if you’ve provided incorrect advice or made a mistake. Therefore, even individuals working pro bono are advised to safeguard their interests by obtaining professional indemnity insurance.
What is covered under a professional indemnity policy?
A professional indemnity (PI) policy provides coverage in situations where you’ve made a professional error or offered advice that leads to reputational or financial harm to the client. Additionally, it can protect you if you make defamatory statements about your client or inadvertently violate a copyright agreement.
SOME EXAMPLES COVERED BY PROFESSIONAL INDEMNITY PROTECTION INCLUDE:
NEGLIGENCE
If you make a mistake or give bad advice, for example if you’ve failed to spot a typo before sending a client brochure to print or you write a social post that receives negative backlash.
DEFAMATION
If you make or share malicious or negative comments about your client which could be considered libellous and result in damage to their reputation.
BREACH OF CONFIDENCE
If you reveal or share sensitive commercial information about your client that isn’t in the public domain, which a client has shared with you for the express purposes of providing your services.
COPYRIGHT INFRINGEMENT
If you unintentionally produce work that infringes on another person’s intellectual property or a protected trademark.
LOSS OR DAMAGE TO DOCUMENTS
If you misplace or damage client documents whilst entrusted to your care.
BREACH OF CONFIDENCE
If the actions of your employee causes repetitional or financial damage to your client.
HOW MUCH IS PROFESSIONAL INDEMNITY COVER?
Professional indemnity insurance with Ideal Brokers starts from as little as £25 per month, featuring flexible payment terms, discounts for multiple policies, and competitive premiums tailored for small businesses.
We provide coverage for up to £10 million, coupled with low levels of excess, offering a lifeline in the event of a claim for professional negligence, slander, or libel.
Put an end to sleepless nights fretting over potential claims against your business. Contact our professional insurance specialists today at 0161 000 000 or leave your details on our online form to receive a personalized quote for professional indemnity cover.
PROFESSIONAL INDEMNITY FAQS
Is professional indemnity insurance a legal requirement?
No, professional indemnity isn’t legally required to operate a business but it’s highly recommended if you offer services to a client directly or via an employee. Some companies may refuse to work with you if you don’t have PI cover, while self-employed individuals risk losing their home and other personal assets by operating without professional indemnity protection.
Is professional indemnity insurance tax deductible?
No, professional indemnity isn’t legally required to operate a business but it’s highly recommended if you offer services to a client directly or via an employee. Some companies may refuse to work with you if you don’t have PI cover, while self-employed individuals risk losing their home and other personal assets by operating without professional indemnity protection.
Do you need professional indemnity cover if you work from home?
No, professional indemnity isn’t legally required to operate a business but it’s highly recommended if you offer services to a client directly or via an employee. Some companies may refuse to work with you if you don’t have PI cover, while self-employed individuals risk losing their home and other personal assets by operating without professional indemnity protection.
Does professional indemnity insurance cover me if I accidentally injure a client?
If you require adding or modifying vehicles under an existing fleet insurance policy, you can do so by informing your insurance provider about the updated details to make the necessary amendments. There might be adjustments in costs associated with policy amendments, potentially requiring you to pay a fee to include them in your current policy.
Does professional indemnity insurance cover legal expenses?
If any of your drivers have a prior driving conviction, it’s imperative to refer them to your insurance provider before permitting them to drive. This encompasses conviction codes such as AC, BA, DD, DR, IN, MS, NE, TT, UT, and XX. We strongly recommend conducting thorough checks of all fleet drivers’ driving licenses at least once a year.
Can I claim for a mistake made before my policy began?
If any of your drivers have a prior driving conviction, it’s imperative to refer them to your insurance provider before permitting them to drive. This encompasses conviction codes such as AC, BA, DD, DR, IN, MS, NE, TT, UT, and XX. We strongly recommend conducting thorough checks of all fleet drivers’ driving licenses at least once a year.
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