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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.

Which Covers Can Our Professional Indemnity Policies Cover?

Key Benefits include:

  • Limit of indemnity up to £5,000,000 available
  • Industry specific protection for liabilities and negligent acts including libel, slander and defamation
  • Court attendance costs up to £10,000 in total during the period of insurance
  • Data Protection Act breach cover up to £50,000 in total during the period of insurance
  • Financial Ombudsman Service cover up to £150,000 any one award
  • Dishonesty of employees cover up to £100,000 any one claim
  • Loss of documents cover up to £100,000 in total during the period of insurance
  • Mortgage self-certification
  • Change in interest rates
  • Experienced underwriters on hand with authority for instant decisions
  • Various areas of trade considered

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. Our professional indemnity insurance lets 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 moneyhey 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.

Areas of Trade That Are Available ?

Available area of trade:

  • Full status residential mortgages
  • Interest only mortgages
  • Sub prime residential mortgages
  • Equity release / home reversion mortgages
  •  Self-certification mortgages
  •  Secured loans
  •  Unsecured loans
  •  Buy-to-let mortgages / Commercial mortgages
  •  Islamic law compliant mortgages

If you are one of the following types business then we can really help you

      • Residential & Commercial
      • Full Status
      • Interest Only
      • Buy-to-let

Our Experience & Relationships

Money Corner Shop is a proud member of the Purple Partnership – Who have been voted the Best Broker Network in the UK – 3 times in the last 4 years – Which means many insurers provide exclusive deals for us, with competitive pricing and enhanced policy cover. Moneycornershop.com has been working with small-and medium-sized enterprises all across the UK, so we understand that each individual business has its own unique risks and challenges. Our knowledgeable customer service team has the skills and expertise to put together a flexible policy that fits your specific requirements, and has the ability to develop and grow along with your business. When this is combined with the great service our team provides, you can see why people choose to let us arrange their insurance. We have over 50 years collective experience and relationships with underwriting specialists which have the capacity and understanding of the industry to write and place any risk.

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What Is Professional Indemnity Insurance?

Professional indemnity insurance can help protect your business if a client claims there’s a problem with the work you’ve done for them. It can cover your costs if you need to pay compensation to correct a mistake or settle a claim, and can also cover your legal defence. Even though you may strive to deliver an impeccable service, mistakes do happen. A PI insurance policy is designed to protect you against the cost of dealing with a claim from a disgruntled customer. Whether that’s due to a project overrunning or strategic advice that ends up losing a client money, it’s important to ensure you’re covered should an error occur.

Your role is to give advice and guidance on the right mortgage, loan or insurance product for your clients. You aim to give the best advice possible but what would happen if your client claims they have suffered a financial loss as a result of your advice? Mortgage Brokers Professional Indemnity Insurance is there to protect you if your client suffers financial loss as the result of alleged neglect, error or omission. Comprehensive cover is available for professional activities relating solely to arranging, bringing about or giving advice regarding mortgage or loan products including, 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.

Mortgage Brokers Claims Examples

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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