What Is Professional Indemnity
Professional Indemnity insurance was designed for professionals who provide advice or a service to their customers. It is designed to protect you against legal costs and claims for damages to third parties which may arise out of an act, omission or breach of professional duty in the course of your business. Professional Indemnity Insurance is designed for professionals who provide advice or a service to their customers. If a mistake or omission occurs in the course of your work that results in a loss for your client then they may take legal action against you to recover their losses. A Professional Indemnity insurance policy safeguards you and your business by providing cover against such claims, including the cost of defending the action—so you can conduct your business with the confidence that both your assets and your reputation are protected. If you are alleged to have provided inadequate advice, services or designs to a client, professional indemnity insurance provides cover for the legal costs and expenses in defending the claim, as well as compensation payable to your client to rectify the mistake. Professional Indemnity Explained. Professional Indemnity Insurance is designed for professionals who provide advice or a service to their customers. If a mistake or omission occurs in the course of your work that results in a loss for your client then they may take legal action against you to recover their losses. If a mistake or omission occurs in the course of your work that results in financial loss or injury to a third party (e.g. a customer)—that customer may take legal action against you to recover their losses. Professional Indemnity insurance seeks to protect both your assets and your reputation, should this occur. A Professional Indemnity insurance policy should cover not only your business, but also any principal, employee, director, partner or related entity whilst acting with the scope of their duties. Our professional indemnity policy will offer cover for compensation you may need to pay to correct a mistake or cover any legal costs due to negligence, such as giving incorrect advice or making a mistake in your work. Professional indemnity insurance, also known as PI insurance or indemnity insurance, can help protect you if claims are brought against you by a client due to a problem with work you have done for them. Professional liability insurance is required by law in some areas for certain kinds of professional practice (especially medical and legal), and is also sometimes required under contract by other businesses that are the beneficiaries of the advice or service.
Designed for professionals who provide advice or a service to their customers. It is designed to protect you against legal costs and claims for damages to third parties which may arise out of an act, omission or breach of professional duty in the course of your business.