More than just insurance
Professional Indemnity Insurance
We can help you arrange Professional Indemnity Insurance to protect your professional reputation, at a competitive premium. If a client or anyone else takes legal action against you, as a result of the professional advice you provided, the right cover can help you respond to the claim.
What is Professional Indemnity Insurance?
Professional Indemnity Insurance protects you if you provide professional advice and expertise to clients and other parties. This typically includes professions such as solicitors, accountants and architects and cover can be arranged for individuals, or companies of all sizes.
Nowadays, Professional Indemnity Insurance cover is offered to a much wider range of professions, which can include:
- Building Contractors
- Management Consultants
- Web Designers & Graphic Designers
- Counsellors & Psychotherapists
- Estate Agents
- Training Consultants
The advice you provide could be a core part of your offering (such as an accountant advising clients) or it could be secondary to your main service (such as a builder offering advice on planning or design). If you provide professional advice to clients, we may be able to help you arrange cover even if your profession is not listed above.
What is covered by Professional Indemnity Insurance?
It is sometimes referred to as ‘errors and omissions’ cover, because claims can result from the wrong advice being given (an error) or important advice being overlooked (an omission). In many instances, cover is a mandatory requirement in order to practice a particular profession.
In the event of a dispute with a client or any other party, the policy would cover the costs of any legal representation needed to help defend the claim and protect your professional reputation. Even an unsuccessful or spurious claim can be costly and time-consuming to defend.
It can also cover damages awarded against you in a legal case. However, there are certain exclusions to this such as:
- Deliberate acts on your part
- Fines or penalties from a regulator
- Defective workmanship
Professional Indemnity Insurance can be highly complex, so it pays to get professional advice from an experienced broker. We can provide specific advice, based on your circumstances, to find the right cover for your needs.
How much Professional Indemnity cover do you need?
Legal damages can often run to very large amounts. The level of cover you need will depend on a number of factors. If you belong to a professional or membership body, they may stipulate the amount of cover you need.
Your clients – especially if you work with large corporations – might also insist on a specific level of cover. The policy will state a ‘Limit of Indemnity’ – the maximum amount that the policy will pay out (which might be for each claim, or for each year you are covered). For larger companies, the Limit of Indemnity can run to tens of millions of pounds.
How we can help with your Professional Indemnity Insurance
We’ve helped many businesses with their insurance requirements since 1924, including many professional services firms. Now, as part of the JMG Group, we’re a top-30 UK insurance broker. Our strong relationships with insurers – including Professional Indemnity specialists – help us to find you the right cover at competitive premiums.
In the event of a claim, we would work closely with you and the insurers to help settle your claim. Our aim is to help you balance the need to protect your professional reputation, settle the claim promptly and minimise the amount of your time needed to respond to the claim.
Contact us to discuss your Professional Indemnity Insurance
If you’d like to arrange a quote, or simply to discuss your Professional Indemnity Insurance, contact our Liverpool office or our Gloucester office and we’ll be happy to discuss your requirements with you.