Professional Indemnity Insurance
At 1st Choice Insurance, our team will use their specialist knowledge of the insurance market to ensure you get the cover you need at the right price. We can advise on the best level and type of Professional Indemnity Insurance.
What is Professional Indemnity Insurance?
Business insurance is an umbrella term that includes a wide range of individual insurance protections. Professional indemnity is included in many business policies as a way to protect businesses who provide advice or services as part of their business activities. Professional indemnity insurance enables businesses to protect themselves against legal claims of malpractice, professional misconduct and related matters.
Due to the specific nature of professional indemnity insurance, it is not always included in general business insurance policies. In order to get a professional liability insurance policy, it’s important to speak with an insurance broker.
You should consider taking out Professional Indemnity Insurance if your business provides expert knowledge, skills or advice to clients. It should also be noted that, as a claim can still be pursued up to 6 years after the event, you should ensure that you have adequate run-off cover should you retire or leave the profession. Professional Indemnity Insurance cover levels range from £1 million to £10 million, but you should consider taking the highest level you can afford to ensure adequate cover.
Who needs Professional Indemnity Insurance?
Do you offer financial advice to clients as part of your day-to-day business? Are your professional designs and patents protected against possible loss or damage? Any business that provides professional advice, services, or designs to third-parties should think about taking out a robust professional indemnity policy.
Indemnity insurance is recommended for anyone who is offering professional advice or related services. This insurance protects you and your business from a wide array of potential claims, including negligence, breach of duty, professional error, or professional omission.
Depending on the level of coverage you require, indemnity insurance can protect your business income and reputation from a range of potential problems. This includes consulting or contracting work, with freelancers and self-employed people also needing a professional liability insurance policy in many situations. Impacted professions include, but are not limited to, business consultants, engineers, IT professionals, teachers, recruitment agents, and product designers.
Benefits of Professional Indemnity Insurance
The benefits and advantages of professional indemnity insurance stretch far and wide, with coverage protecting your business income, your clients, and your well-earned reputation. Without professional indemnity coverage, you’re unable to protect yourself against legal costs and expenses incurred in your defence, awarded damages or costs, and allegations of mistakes or negligence.
A robust business insurance contract that includes professional indemnity support is a necessary part of running many modern businesses. A professional liability insurance online quote is available from 1st Choice Insurance in the UK, with our expert advisers able to tailor business insurance policies to meet your specific needs.
Professional liability coverage is often available alongside public liability, employers liability, and other coverage options designed to protect businesses from harm. While some of these protections are available in standard business insurance policies, it’s important to speak with a professional liability insurance broker to make sure you’re covered.
Get a Professional Indemnity Insurance quote!
We offer a fantastic service, flexible payment options, documentation via email and instant cover. Let us take care of searching the panel of insurers for you to find your perfect policy, and save yourself time and money!
If you’re looking for Professional Indemnity Insurance cover, 1st Choice Insurance is here to help. Call our friendly, experienced team on 0800 078 7003 – 0300 600 0603 for a no obligation quotation or use our Get a Quote Form to request a call back.