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We firmly believe you should have confidence in your expertise and trade. But when it comes to work, everybody makes mistakes. Professional indemnity insurance – or PI insurance for short - is there to protect you if your client suffers a financial loss through your work for them.
Using one simple form, Simply Business will help you arrange this cover as part of your full business insurance policy, or coupled with public liability insurance. Many professionals - such as consultants, accountants, architects and surveyors - can also buy professional indemnity insurance as a stand-alone cover.
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If your client suffers a financial or professional loss because of the service you provided them, be it advice, designs or otherwise, professional indemnity insurance can cover legal fees as well as potential compensation payments should they decide to take you to court.
Our consultant Hattie explains the ins and outs of professional indemnity and why PI cover is key for so many small businesses.
If your business gives advice, offers a professional service, or handles data or intellectual property belonging to a client or business, you may need professional indemnity insurance. This cover protects you against the cost of a claim for negligence or a mistake that leaves the client out of pocket.
Even if you’ve done nothing wrong, the cost of defending yourself against these claims can be very high. Professional indemnity cover can help protect you and your business against this risk.
Find out more on who needs professional indemnity insurance.
One of your employees has accidentally sent an email containing confidential client information to the wrong person. Your client is now suing you for breach of confidentiality.
The professional indemnity claim cost of £35,000, including legal costs.
The £250 excess (this is the part of the claim you pay), plus any costs for damaged reputation or loss of future contracts.
At Simply Business we offer between £1 million and £5 million in professional indemnity cover, but how do you choose the right figure for you and your contracts?
Your clients will often tell you the level of cover they need you to have in place. If they haven’t, it’s always worth asking them before you take on the work, so you’re both prepared, and any changes can be checked with your professional indemnity insurance provider. Other smart details to check are the exclusions on your policy, and whether it includes legal expenses cover. As with most things, it’s best to do this before you buy.
From accountants to architects, surveyors and consultants, our panel can provide insurance options for a range of professions.