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Professional indemnity insurance provides protection to businesses and consultants who provide advice to other businesses, for example architects, journalists, IT consultants, financial advisors and engineers.
What is professional indemnity insurance?
Professional indemnity Insurance covers you if you are negligent or make a mistake which causes a clients business to suffer financial loss.
Some of the areas which can lead to legal proceedings are:
- Intellectual property: unintentionally infringing on copyrights, trademarks, broadcasting rights, any act of passing off
- Negligence: or breach of duty of care
- Dishonesty: liability arising from the theft of your clients money
- Loss of data: damaged, stolen or lost data/documents belonging to your clients
Professional indemnity insurance comparison
With the blame and claim culture that we sometimes live in today, businesses are at risk of being sued for services that they are employed to do. If you are a business who gives advice to clients, it may be a good idea to have financial support and flexible policies which are tailor-made for your specific profession.
Quotezone could help you find professional indemnity insurance with less hassle by getting our panel of UK insurance providers to contact you to discuss their best available policies. Over 3 million users have used Quotezone to get insurance quotes, so join them and see if you could save on your Professional Indemnity Insurance.
Professional indemnity insurance guide
If a person provides any form of service or advice to clients, they should seriously consider buying professional indemnity insurance. This is a form of insurance that could cover someone for any mistakes or errors they might make when providing their services. The consequences of such errors might be significant, especially financially. Thats why professional indemnity insurance NI is more than likely to be highly recommended for those who provide services or advice to others.
Why is it so important?
If someone make a mistake and provide a client with wrong information, or fails to research the service they are providing in the proper manner, a client could decide to make a claim. This could be even more likely if someone provided information that loses the client money in some way.
In this situation, someone could need legal cover to be able to defend themselves. Thus, if the claim is found to be unwarranted, there may still be legal costs to cover. If the claim is successful, there could be a bill for legal costs as well as the chance of having to pay compensation for the error. All of this could potentially add up to thousands of pounds a bill a person could have to pay if they did not have professional indemnity insurance cover.
How common are claims of this nature?
Thankfully, claims are relatively uncommon. However, the consequences of a claim could be severe. Someone may potentially lose their business, their livelihood and their home through footing the bill for such a case.
Thats why many professionals compare professional indemnity insurance policies, to make sure they have the level of cover required. This could be done online, with comparison sites such as CompareNI. Quotes may vary wildly in this area, which makes it all the more important to compare those given by different specialist providers.
Who should buy professional indemnity insurance?
If someone is a professional providing some kind of service or advice, they might want to consider getting a policy of this kind. Some professions require those in their field to be members of a particular body or association. In these instances, the body or association may make this form of cover a prerequisite to accepting that person for membership.
However, there are many professions where this is not the case. For example, writers often work as freelancers and take on their own clients. Computer experts and IT professionals may set up their own businesses and offer their services to a wide range of clients. There are consultants of all kinds in a wide variety of businesses, offering advice on marketing, recruitment and more. Accounting is another area where professional advice and services are usually given to clients. There are many other business areas where consultants, advisers and other business people could benefit from having this level of cover.
What is an any one claim policy?
Every professional indemnity insurance Northern Ireland policy will typically have a claims limit attached to it. The premium that is paid could usually depend on how high this limit is.
However, there tends to be two types of policy to choose from. The any one claim policy means there is a limit that applies to every claim made. If the limit is £200,000, for example, and someone makes two separate claims for £175,000 each, these could both be covered.
What is an aggregate policy?
If someone has insurance for an NI business with an aggregate claim limit, this limit will typically be the maximum for all claims made under that policy. So for example, they may have a £200,000 limit the same as in the example given above. However, for two claims of £175,000 each, only the first would be fully covered.
The importance of making sure cover doesn’t run out
Heres an example that should illustrate why continuous cover is so important. Lets suppose a person has provided consultancy services since 2012. They set up professional indemnity cover when they started, but there was a short lapse during 2013 when they took three months off work, just as that years policy was ending. When they returned, they set up a new policy and have continued with it since then.
However, while they are off during that three-month period, a client makes a claim against them for work they did before they cancelled the insurance. Unfortunately, since they’re not covered at the point when the claim is made, the insurance they had when they did the work is probably not valid to cover them.
An example like this could highlight how important it could be to ensure an individual always has appropriate cover even if taking a break from business. Someone could search for cheap professional indemnity insurance in Northern Ireland that will meet their needs. However, they might prefer to renew it in plenty of time to provide continuous cover.
Compare different cover provided by specialist providers
A good level of cover could give someone peace of mind with insurance like this. However, nobody wants to pay more than is necessary. With professional indemnity insurance, cheap quotes could be possible if searching among specialist insurers for them. CompareNI.com may access a variety of specialists in this field, and could make an online search easy and straightforward as well.
This is not a form of insurance that is legally required, but it could be taking a great risk not to have it. Finally, run-off insurance is ideal for several years after someone finishes work. This provides cover for work completed during the last few years in business.