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What is Professional Indemnity Insurance?
You are, no doubt, a skilled and experienced professional in your line of work. Nevertheless, if your work involves providing a service or offering advice, it is recommended that you consider how best to protect your business against malpractice or professional misconduct claims.
Business reputation is built on years of competent service, and while we are all human and prone to errors, your business and its reputation should not be jeopardised due to even a single allegation. The accusation could be overlooking a vital piece of information, negligence, a mistake, a misstated fact, or the failure to provide due service, which results in financial loss or injury to your client. While you cannot control your client’s actions or the unfortunate situation, you can, at the very least, have some power over managing the claim made against you through professional indemnity insurance.
Also called professional liability insurance, this protects businesses providing professional services or advice against claims initiated by clients for losses resulting from alleged acts of negligence or omissions with respect to the professional services or consultations provided. It will also cover the legal costs and expenses incurred in responding to or managing the claims that are covered by the insurance policy.
What does professional indemnity cover?
Professional indemnity insurance is also called professional liability insurance or errors & omissions. It covers the legal costs and expenses incurred while defending against a negligence claim made by a client. Apart from negligence, the claims could include inadequate advice, services or designs that cause the client to lose money.
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