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Professional Indemnity

Professional Indemnity Insurance in simple terms, it covers the cost of mistakes made when providing professional services.

Having a Professional Indemnity Insurance policy that covers a professional for their work is vitally important because it allows them to offer their services knowing that they are insured in the event of a mistake. 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.  For example:

Negligence – A work undertaken that hasn’t met the client requirements and causing them to lose money.

Infringement – For example your competitor is accusing you of copyright infringement.

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Professional Indemnity Insurance

If you have been alleged to provide inadequate advice or service to a client. Professional Indemnity Insurance provides insurance cover for legal costs and expenses in defending the claim. While this falls under cover for ‘negligence’, you should also consider a policy that offers cover for intellectual property, dishonesty, defamation and loss of documents too.  For some professional trades like Accountants, Lawyers and Insurance Brokers it is a compulsory requirement imposed by the regulatory bodies. Some professional bodies and regulators also insist that their members are insured for a minimum amount in respect of Professional Indemnity.

No matter how small or big your firm, without Professional Indemnity Insurance cover you could be financially exposed if a claim is brought against you. If you provide advice or service to your clients, you should give serious consideration to Professional Indemnity Insurance. When you run your own business the responsibility for getting things right sits firmly on your shoulders. It makes sense to get the right level of protection should the worst happen. It is very important to tailor your Professional Indemnity Insurance to meet your specific needs. You could add various optional extras, to your Professional Indemnity Insurance, including:

• Defamation- Libel and Slander
• Breach of confidentiality – Unlawful disclosure of information
• Loss of Documents – Documentations lost in transit/post
• Dishonesty of Employees – Employee stole cash

Crownsway can arrange Professional Indemnity Insurance for wide range of trades including Accountants and Solicitors as well as:

• Estate Agents – Professional Indemnity cover is required for property advice provided involving multiple properties.
• Insurance Intermediaries – Professional Indemnity cover is required for arranging complex insurance risks as well as advising on suitable products.
• Charity Organisation – Professional Indemnity cover is required for professional advice.
• Contractors & Design – Professional Indemnity cover is required for any design or implementation of a contract.
• Will Writers – Professional Indemnity cover is required for advice given to their client’s i.e Lasting Power of Attorney (LPA), Drafting Wills.

Please feel free to contact any member of the team, should you have any questions or queries.

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