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Professional indemnity insurance for small businesses
Running a business comes with a huge amount of responsibility to everyone around you, particularly your clients. While you make every effort to do right by your clients, there could be times where you’re at fault. Even a minor one could lead to a hefty claim against you. So it’s important to consider professional indemnity insurance to help protect you from unforeseen costs or fees associated with such legal action.
Professional Indemnity insurance refers to a type of business insurance that provides cover for situations when clients are dissatisfied with your advice or services. Professional Indemnity insurance can help cover you for situations such as copyright infringement, unsuitable advice, defamation and more.
Professional Indemnity insurance can apply to a range of professions, including accountants, business and management consultants, training professionals and more.
If you are a business that deals directly with clients and provides advice as part of your services, then professional indemnity insurance is an important cover to think about. It can help protect you from being left out of pocket should an unforeseen claim arise. In addition, having adequate insurance in place will also show clients that you run a professional and responsible business.
Speak to us today to find the right professional indemnity insurance for your business needs.
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What Does Professional Indemnity Insurance Cover?
Inaccurate advice or consultancy
If a client receives advice from you that leads to financial loss, professional indemnity insurance can help cover legal action that the client may bring against you.
If you deliver a service that does not meet the client’s expectations, Professional indemnity insurance can help cover unexpected claims for compensation.
Breach of confidential information
Professional Indemnity insurance can help cover you for accidental release of information that is confidential or infringes on someone’s privacy.
Speak to us for expert advice and recommendations customised to your business needs.
Flexible packages of insurance designed to meet the specific needs of your business depending on your sector and size.
Global broker who works with leading A rated UK insurers.
No hidden broker fees to change or update your policy as your business needs change.
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Who needs professional indemnity?
Professional indemnity insurance is an important cover to consider for a wide range of industries. From freelance photographers to business and management consultants to architects and surveyors, if you’re dealing with clients and their information, then you should consider professional indemnity insurance.
While it’s not legally required, if you work in certain professions, you may be required to have it by your industry body. It’s important to consider protecting your business from the risk of compensation claims in the event of client dissatisfaction with the services you provide.
You should consider getting professional indemnity insurance if your business provides a professional service, skills or expertise. This can include advice, to commissioned work such as designs or photographs, to IT and engineering work.
Your business can be liable if something goes wrong, such as claims of negligence, breach of copyright or defamation. Speak with us to find out how much professional indemnity insurance cover you need for your business.
What's the difference between public liability and professional indemnity?
Professional indemnity insurance and public liability insurance can both help businesses faced with liability claims for compensation. However, public liability focuses on claims by the public if they’re injured, or their property is damaged in some way due to your business activities.
Professional indemnity insurance covers your business if a client experiences financial loss or has their rights infringed upon by your business in the course of you providing your skills, knowledge or advice.
Both types of insurance protect you from different risks that can happen as part of doing business.
For example, public liability will cover you if a client slips on a freshly cleaned floor or if you accidentally destroy their laptop. Professional indemnity will cover you if you give them inaccurate financial advice. Both are important covers to consider as they can protect your business for different reasons.
What should I consider before getting professional indemnity insurance?
Before you purchase professional indemnity insurance, you should consider how much cover you may need for your business. Consider the size of your company, the type of work you do and the type of clientele you work for.
These factors can influence the amount of cover you’ll need. We’re always happy to speak with you to help you decide what level of cover will work best for your business needs.
Do freelancers and sole traders need professional indemnity insurance?
Professional indemnity is not just for large, established businesses with a big client base. Even if you’re a freelancer or starting a business as a sole trader, you may need to consider getting professional indemnity insurance to protect you. You might even be required to have it by your clients or your professional body.
If your business involves delivering a professional service, you should consider having professional indemnity insurance in place to help protect your business against the cost of resolving legal action brought against you. Speak with us to find out how much professional indemnity cover you may need as a freelancer or sole trader.