In today’s litigious society, professional indemnity claims against companies and individuals for breach of professional duty resulting in a financial loss are becoming more commonplace.
Professional Indemnity Insurance is designed to provide you and your company with financial protection when claims of this nature arise. It will give you peace of mind when providing advice to your clients.
Any company or individual providing professional advice or services can be held liable for financial loss arising from errors or omissions committed by themselves or their employees. A Professional Indemnity policy will insulate you against this financial exposure, even if a claim against you fails in court.
Professional Indemnity insurance can also extend to cover the legal costs you incur in the defence of a claim.
Why might you need Professional Indemnity Insurance?
Increasingly, it is the expectation of clients, shareholders and key stakeholders that professionals will deliver over and above with exceptional service and advice.
This, combined with the litigious nature of modern society sees professionals and company directors progressively being held accountable when they fail to meet expectations. The financial risk exposure to your business could be extensive.
The professional services industry encompasses a broad variety of occupations ranging from event managers and wedding planners to engineering consultants and tax agents.