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Plate Glass Policy Insurance. Political Violence and terrorism Insurance. Theft Insurance Covers. All Risk. Cash In Transit. The 'minimum premium' is the insurance company's starting point for insuring a risk, and they can vary significantly between companies.
Professional indemnity policies are mainly obtained from specialist insurance brokers like us. Because of the complexities of the risks and the wide range of different products available, going to a broker with the right expertise is invaluable to ensuring you buy the right cover at the right price. A broker will understand your business needs and help you to ascertain potential areas of risk that you may not have identified yourself. For a professional indemnity quote today, please get in touch or call us on The premium calculation for a professional indemnity policy varies by profession, as some professions are much higher risk than others.
Like a car insurance policy, there are many factors that go into the cost of the policy, not just the amount of cover or limit of indemnity required. The size of a business, its turnover, and its professional activities is a crucial part of any calculation that is made, along with any claims that have already been made. The greater the exposure to a potential claim, the more cost will be involved in the purchase of any insurance.
Quite simply, it covers the cost of mistakes made when providing professional services. In today's busy business world, anyone is at risk of making a mistake no matter how professional or diligent they may be. Some mistakes are minor with little or no financial cost or consequence. Still, others can be far more serious and not having adequate PI insurance cover can financially destroy a company, its directors or partners.
Depending on the policy purchased, it will cover negligence, errors and omissions, breach of duty and civil liability. Professional indemnity insurance should also cover the liabilities which are the result of negligence, such as business interruption and the significant legal costs incurred from being sued. Some policies will also offer protection for business or financial loss caused by defamation, loss of paperwork, the dishonest conduct of employees and unintentional breach of confidence.
Also, the insurance will often cover any potential infringement of intellectual property rights or copyright, something that is of great interest in the creative industries. Having an insurance policy that covers a professional for their work is important because it allows them to offer services without having to build in the potential additional cost of any mistakes they might face in the future.
Furthermore, a professional indemnity policy can also cover the legal costs and expenses that might be incurred as a result of a legal case being made against a professional for their mistake. Without this insurance, professionals are exposed to a great deal more business risk and may need to put their prices up to account for it. But with this insurance, they are protected against many undesirable business outcomes and can operate more competitively as a result.
It is not a legal requirement, but most professional institutes and associations require their members to have some form of professional indemnity insurance and regulate this through their rules and regulations. To not have the insurance is usually a serious disciplinary offence which can result in a firm being fined or closed down by their regulator.
In many unregulated services such as IT and Tech, professional indemnity insurance is not a regulatory requirement. Nonetheless, those professionals who are not obliged to have this type of insurance are still wise to carry it.
Management, business and marketing consultants are usually not required to have professional indemnity, but frequently still have it to protect themselves from the potential liability of legal fees or compensation payments.
Many large companies and government departments will also insist that any service provider that they work with should carry PI insurance and will require evidence. Other occupations that often take out cover against their professional services include IT professionals, recruitment consultants, graphic and interior designers, personal trainers, instructors, teachers and private tutors.
However, the list is much more diverse and extensive than just these professions. A professional indemnity insurance policy can be an individually assessed product that is designed in a bespoke manner, or it can be an automated product purchased simply and quickly online.
Ideally, the policy wording will be written in such a way that it meets all of the specific needs of the policyholder. For example, unintentional breach of a written contract concerning the supply of equipment or software might be important to an IT professional, but much less of an issue for a quantity surveyor. Some professions are required to have professional indemnity insurance by their professional bodies or regulators — these include:.
Professional indemnity insurance protects you against claims for loss or damage made by clients or third parties as a result of the impact of negligent services you provided or negligent advice you offered. Compensation claims can be brought against you even if you provided a service or offered advice for free. Professional indemnity cover is usually offered on a claims-made basis. This means that your insurer will only cover you for claims that are brought against you during the term of your policy.
Our PI cover is designed for professionals who provide advice or services to their customers. It protects you against legal costs and loss from a claim of alleged negligent acts, errors or omissions in the performance of your professional services. We cover a variety of professionals in various fields such as: doctors, lawyers, accountants, engineers to name a few. We shall cover you against the following: court judgment awards, defense costs, fees and expenses, loss of documents.
Personal Accident cover This hour policy covers accidental bodily injury causing death or disability to the insured arising out of the insured perils.
Home Insurance This gives insurance cover for your house and its contents; for your domestic employees as well as protects you against legal costs arising from incidents or accidents.
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