What is it?
Professional Indemnity Insurance is cover against claims and law suits made by your customers or clients if you have provided insufficient, advice, services or designs that cause your client/customer to lose money.
Who is it for?
Professional Indemnity Insurance is needed by many professionals and varies from the type of business you are in. If you provide:
Advice or services including consulting or contracting
Designs such as architecture, engineering, graphic designing
Negligence in the work undertaken for your client
You are freelancer, contractor, self-employed professional offering services that could loose the client money based on your services provided
Is it a legal requirement to have professional indemnity insurance?
No, current laws in the UK do not require you to legally have Professional Indemnity Insurance for your business. It is however recommended that you consider getting cover for your business because if a client or a customer takes legal action against you, your business could end up having to pay back the price of the contract and legal costs for both parties if the legal proceedings do not go in your favour.
How much does it cost to cover your business?
The cost of your cover depends on the size and nature of your business and the overall risk factor involved in insuring your business against potential law suits from clients or customers.
You can get a free no obligation quote in a matter of minutes from our team of commercial insurance experts. To speak to our team you can call us on 0121 507 0706 (Birmingham Branch) or 01474 833 322 (Gravesend Branch) or email firstname.lastname@example.org.