What is Professional Indemnity insurance?

Professional Indemnity insurance (or Professional Liability) is a commercial policy designed to protect your business in the event that your client deems your work produced or professional advice provided as inadequate. Indemnity cover will prevent you from suffering a financial loss when defending or settling the claim. If you’re a professional business that provides advice and services to your clients, Professional Indemnity cover should be seen as an essential consideration for your business insurance package. It’s important that you feel confident in the quality of your work, but even with the best intentions, accidental errors and disputes over quality can happen.

What can Professional Indemnity cover?

• Professional indemnity insurance covers you in case you need to pay to correct a mistake, or to cover legal costs, if you make an error in your work.
• Professional indemnity insurance can cover you for professional negligence, unintentional breaches of confidentiality or copyright, and loss of documents or data.
• Consequential loss is sometimes covered under Professional Indemnity insurance, although you should check your policy documents to make sure. Even if your professional indemnity insurance does cover consequential loss, there will usually be some exclusions.

What will not be covered by Professional Indemnity insurance?

• Professional Indemnity insurance will not cover third party compensation for bodily injury of property damage, unless the loss is caused by your negligence in performing your professional duties.
• Professional Indemnity insurance will not cover your Contractors or even Employees, unless you tell your insurer that you have such so that they are noted on your insurance policy.
• Professional Indemnity policy will not cover budget overruns, unless the claim made by your customer is that you have failed in your professional duty and that this has led to budget overruns. This can be a complicated area, and cover varies from one insurer to another, so it’s best to check your policy documents or speak to your provider.
• Professional indemnity insurance does not cover you if you’re sued by a customer for breach of contract. Contractual liability is excluded from the cover.

How can we help you?

Contact our chosen office from the CONTACTS page or make an online inquiry.

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