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PROFESSIONAL INDEMNITY INSURANCE THAT HELPS YOU TAKE OFF
I just bought an Insure24 professional indemnity insurance policy, for my partner and me, and saved £205 a year!
Darren Styles , PublisherPROTECT YOURSELF
- Professional negligence - such as making a mistake in a piece of work for a client or giving them poor advice
- Unintentional breach of confidentiality - such as sharing sensitive client information without permission
- Unintentional breach of copyright - such as using an image on your website without permission
- Defamation and libel - such as making false comments about a competitor or client that damage their reputation
- Loss of documents or data
- Loss of money or goods (for which you are responsible)
FREQUENTLY ASKED QUESTIONS
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Do I need professional indemnity insurance?
If you provide advice, designs or any other professional service to your clients, you should give serious consideration to professional indemnity insurance. Without it, you could be liable for thousands of pounds worth of legal fees and compensation payments payable to your client if you are found to have been negligent in your services to them.
In addition, many clients will require you to have professional indemnity insurance in place in order to begin work on a contract, or your industry association's membership requirements may stipulate that you must hold a minimum limit of cover.
In addition, many clients will require you to have professional indemnity insurance in place in order to begin work on a contract, or your industry association's membership requirements may stipulate that you must hold a minimum limit of cover.
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When should I get professional indemnity insurance?
The last thing you want is to start your business and fall at the first hurdle. So, it pays to have PI insurance in place as soon as you start working with clients.
That way, you’re covered for any mistakes from day one. Giving you peace of mind that you can grow your business without worrying that a claim is going to put a spanner in the works.
Remember, if you don’t have your professional indemnity insurance in place when a mistake happens, you won’t be covered.
That's because professional indemnity is 'claims made' insurance. That means for a claim to be covered, your policy has to be up and running both when a mistake is made, and when a claim comes in.
That way, you’re covered for any mistakes from day one. Giving you peace of mind that you can grow your business without worrying that a claim is going to put a spanner in the works.
Remember, if you don’t have your professional indemnity insurance in place when a mistake happens, you won’t be covered.
That's because professional indemnity is 'claims made' insurance. That means for a claim to be covered, your policy has to be up and running both when a mistake is made, and when a claim comes in.
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Is professional indemnity insurance a legal requirement?
It depends on the industry you work in.
For example, if you’re a chartered accountant, chances are your professional body requires that you have a minimum amount of professional indemnity insurance when you become a member.
The same is true for other occupations administered by professional bodies, like surveyors and barristers.
If you’re not sure, check your professional body’s website. They’ll have guidance that lets you know the minimum amount of cover you need. Some will also have lists of approved insurers, which you’ll have to get your insurance from if you want to meet their requirements.
For example, if you’re a chartered accountant, chances are your professional body requires that you have a minimum amount of professional indemnity insurance when you become a member.
The same is true for other occupations administered by professional bodies, like surveyors and barristers.
If you’re not sure, check your professional body’s website. They’ll have guidance that lets you know the minimum amount of cover you need. Some will also have lists of approved insurers, which you’ll have to get your insurance from if you want to meet their requirements.
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How much professional indemnity insurance do I need?
You’ll need to think about the type of projects you work on, and whether your clients, regulator or professional body ask you to have a minimum level of cover. You can usually choose between £50,000 and £5 million of professional indemnity insurance.
Your clients may tell you the cover amount they need you to have in place. If they don’t, it’s always worth checking before you take on the work.
If you need to change your cover level, it’s important to let us know. Underestimating the cover you need can lead to your claim not being paid.
When you take out your professional indemnity cover, make sure you check any exclusions on your policy, and whether it includes legal expenses cover. With Simply Business, you can check the details of your policy wording before you buy.
Your clients may tell you the cover amount they need you to have in place. If they don’t, it’s always worth checking before you take on the work.
If you need to change your cover level, it’s important to let us know. Underestimating the cover you need can lead to your claim not being paid.
When you take out your professional indemnity cover, make sure you check any exclusions on your policy, and whether it includes legal expenses cover. With Simply Business, you can check the details of your policy wording before you buy.