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Professional Indemnity Insurance - Products

Indemnity Insurance & Professional Indemnity
This insurance will protect you in today's litigious climate against claims made by dissatisfied customers where they have suffered financial loss as a result of neglect, errors & omissions.

As you're in the business of selling your knowledge or skills Professional Indemnity Insurance is probably the most important cover a Freelancer should consider - many clients refuse to deal with firms that do not have up to date policies to cover any compensation claims that may arise from your work.

Examples of claim’s include;

IT Consultant - A computer system an IT Consultant designed and installed, was unable to cope with the required number of users. Compensation awarded against him was £750,000.
   
Marketing Consultant – A Marketing Consultant inserted the wrong telephone in an advertisement. The result was a loss of sales and damage to his client’s brand. Compensation awarded against him was £200,000.
   
Consulting Engineer - A Consulting Engineer designed a roof which proved to be defective. Compensation awarded against him was £1,350,000.
   
Accountant – A management accountancy practise failed to alert their client to losses from an employee falsifying sales returns. Compensation awarded against them was £450,000.

Level of Cover

You can select from five options up to a limit of £2m – from only £165 pa.

Coverage includes ;

Negligence or breach of a duty of care
Unintentional breach of confidence
Libel & Slander
Negligent misstatement or misrepresentation
Loss of documents
Infringement of intellectual property rights       
Fidelity·       
Dishonesty of employees

One important aspect to bear in mind when considering professional indemnity insurance is that, because there can often be a long delay between an event and a subsequent claim, you need to be covered both at the time of the event and when the claim is made. This means that if you plan to cancel your policy when you close your business or retire, you may need to arrange "run off" cover for a period of time afterwards.

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