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Professional Indemnity For Business:

Professional indemnity insurance, PI insurance, professional liability insurance, errors and omissions. Whatever you call it, it covers professional people or businesses providing a specialist service – design, advice, words, numbers, ideas or other expertise – to paying clients.

It protects you if one of those paying clients (or a third party) alleges you’ve made a mistake and it’s cost them money. And they sue you for their losses. Your policy pays for a specialist solicitor to defend you and, if it turns out you’re culpable, picks up the tab for compensation or damages you have to pay your client.

How Much Professional Indemnity Cover Do I Need?

To work out how much you’ll need, it’s worth thinking about the risks your business could face and the maximum amount you’d need to pay out in legal fees and compensation in a worst-case scenario. Moneycornershop.com can help you choose from a range of cover limits so you can get protection suited to your business.

It protects you if one of those paying clients (or a third party) alleges you’ve made a mistake and it’s cost them money. And they sue you for their losses.Your policy pays for a specialist solicitor to defend you and, if it turns out you’re culpable, picks up the tab for compensation or damages you have to pay your client.

How Much Does Professional Indemnity Insurance Cost?

Our professional indemnity cover can be tailored to a wide range of professions, so it’s likely we’ll already understand the most common risks your business could face. But we’ll still need you to tell us a bit about your business, like when you started trading, how many employees you have and what your turnover is. By filling out a few simple details you can get a quote specific to your business requirements in a matter of minutes.

Architects Face A Whole Range Of Risks

Regardless of the size of your practice, architects face a whole range of risks. An error in a building design, damage caused to a work site during a visit or a fire at your offices destroying thousands of pounds worth of computers could cause serious financial problems for your business. Our specialist insurance for architects can be tailored to provide cover against all these risks and more, giving you the peace of mind that if something goes wrong, you are covered.

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What Is Professional Indemnity Insurance?

As an Architectural professional, your clients look to your wealth of creativity and expertise to help them turn their ideas into something real. Reputation takes a lifetime to build and only moments to lose, which is why it’s vital you’re protected should anything go wrong. Although we all do our best to carry out our work error-free, accidents and mistakes do happen, which can leave any business without critical equipment, vulnerable to online attack, or exposed to claims of negligence, injury or property damage. Choose the products that suit your business and create one single and comprehensive insurance package, tailored to you.

For example, you may be faced with paying compensation to a client if they make a claim of:

  • negligence – being careless in your work, such as giving bad advice or making a mistake
  • infringement of intellectual property rights – for example re-using content from a website without permission
  • defamation – making false or damaging claims about a person or organisation
  • breach of confidence – sharing confidential or commercially sensitive information without consent.

Find the right professional indemnity insurance policy for your profession to make sure you’re covered against the risks your business is most likely to face.

You’re good at what you do and have confidence in the quality of your work. So why do you need professional indemnity insurance? The reality is that any small business providing a professional service that can be challenged is vulnerable to a claim of negligence when the advice or service fails to meet a client’s expectations.

How Does It Work?

Here are some examples of how you might make a claim and what your insurance may cover:

  • A client made some business changes based on advice you gave them. The changes didn’t bring the benefits they expected and cost them money. So they make a claim against you for compensation. Professional indemnity insurance would cover the claim for compensation plus the costs of defending or settling the claim.
  • You included a case study about a former client in a presentation at a conference. Afterwards that former client makes a claim against you for defamation, alleging that you made a false statement about them, and demands you pay compensation. Professional indemnity insurance would cover the compensation payable plus your legal defence costs.

The amount paid out by the insurer will be dependent on the level of cover you select.

You May Need Professional Indemnity Insurance If You:

  • provide expertise, skills or advice to clients
  • have access to clients’ confidential information
  • produce materials that could infringe intellectual property rights
  • provide a professional service and could be challenged on your work.

From allegations of a breach of copyright to accusations of defamation, these kinds of claims can be costly and disruptive regardless of whether they’re fair or not.

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