Whether you are an electrician designing rewires, a solicitor offering legal advice, or maybe even a mentor helping with general life skills, the activities of our everyday jobs might be completely different, but we all have one thing in common; your need for insurance. If your business sells knowledge, design, advice, specification or supervision you could be missing a vital part of insurance cover to help protect the business that you have worked so hard to build.
While most of us understand the need to physically protect our clients and their property, it is easy to overlook the potential effect it could have should you misadvise a client; be it in verbal guidance, design work, or not meeting crucial deadlines that could potentially cause a financial loss.
Professional Indemnity, otherwise known as Professional Liability, can cover you for any professional errors and omissions you may make.
For example, you could be an architect making designs for a new building; the designs are handed over for the contractor to start work, you then realise you have made a mistake in the materials used in the plans. This results in the contractor being unable to use the products ordered, and the work that has already been carried out needs to be re-done. Professional Indemnity will pick up the financial loss related to this. This covers the costs for materials that have been incorrectly used and the labour that has been paid to workers.
Professional Indemnity can be one of the most expensive claim payouts for insurance companies, and they may not always be apparent at the time of the incident. This cover allows you to do what you do best on a day to day basis, but with confidence that insurers know that nobody is perfect and mistakes can happen.
Your line of work will depend on the limit of cover required, and it is common that the client you are working for will request a minimum level of cover.
If you are unsure as to whether or not your business could be seen to have a professional indemnity risk, then you can find more information by either clicking on this link /professional-indemnity/ or by giving us a call so that we can discuss your business activities and offer the best cover for you.