Professional Indemnity Insurance

in Norwich, Norfolk and Ipswich, Suffolk

Professional Indemnity Insurance

Protect yourself and practice with confidence knowing that in the rare event of a mistake being made, that you don’t end up paying dearly for it.

If people rely on your professional expertise, they can claim against you if they think you've made a mistake. Professional Indemnity Insurance covers the legal liability arising from professional services in the event that a third-party claims to have suffered a loss as a result of professional negligence by an insured.

Any business or person who provides services such as advice, design, or offers their skills or knowledge services in a professional capacity should consider taking out this insurance. Professionals may owe a duty of care to anybody who might reasonably rely upon the service or advice they have provided. Clients of these professionals expect high standards of service and are more inclined to resort to litigation when such standards have not been met.

Professional Indemnity provides protection against losses which are a result of the professional’s negligence. This can cover the actual loss (i.e. damages) or the costs that result in defending a claim that may not be successful. Either way this an essential risk management tool for professional companies for peace of mind, as well as giving consumer protection to their clients.

Using our specialist insurance markets we can include cover to protect you for:

  • Data Protection and Copyright Claims
  • Business Equipment
  • Employee Injury and Illness
  • Loss of Earnings after an Accident

Let our team of Insurance Brokers discuss your particular business needs and arrange the right level of cover to ensure you are fully protected.

We work with all of the main UK insurers so we can offer expert advice to ensure your business is well protected. For the peace of mind that you have the right business insurance cover please give us a call on 01603 954841, send us an email or pop in and see us.

What is professional indemnity insurance?

Professional indemnity insurance is a type of insurance that protects professionals from financial losses arising from claims of professional negligence. It can help to cover the cost of legal fees, damages, and other expenses if you are sued for negligence in your professional work.

Who needs professional indemnity insurance?

Professional indemnity insurance is typically required for professionals who provide advice, design or certification services to others for a fee. This can include accountants, architects, lawyers, engineers, and surveyors. It is also a good idea for other professionals, such as consultants, contractors, and freelancers, to consider getting professional indemnity insurance.

Do I need professional indemnity insurance?

The answer to this question depends on your profession and the type of work you do. If you provide advice, design or certification services to others, it is a good idea to get professional indemnity insurance. Professional indemnity insurance can provide peace of mind and financial protection in the event of a claim.

Is professional indemnity insurance the same as public liability insurance?

No, professional indemnity insurance is not the same as public liability insurance. Public liability insurance protects you from claims for bodily injury or property damage caused by your negligence. Professional indemnity insurance protects you from claims for financial losses arising from your professional negligence.

What does professional indemnity insurance cover?

Professional indemnity insurance typically covers claims for financial losses arising from:
- Errors or omissions in your work.
- Failure to meet professional standards.
- Breach of contract Negligent advice or recommendations.
However, cover can often be much broader than this and we would always recommend speaking with a professional insurance broker to discuss the full features and benefits of professional indemnity insurance.

When is professional indemnity insurance required?

Professional indemnity insurance can be required by law for certain professions, such as lawyers and accountants. In other cases, it may be required by a client or employer as part of a contract for their peace of mind and added protection. Even if it is not required, professional indemnity insurance is a good idea for any professional who provides advice, design or certification services to others.

How long does professional indemnity insurance last?

Professional indemnity policies typically last for 12 months from the date of inception and are renewable annually. In some instances bespoke cover periods can be arranged and if you require cover for more than 12 months or for a single specific project we would be happy to discuss your requirements.

How does the deductible work for professional indemnity insurance?

A deductible is a portion of the loss that you are responsible for paying before your insurance company will pay anything. Deductibles are typically used in professional indemnity insurance policies to help keep premiums affordable.

Can I get retroactive coverage for past work or prior acts?

It can be very difficult to obtain retroactive cover for past work or prior acts after the fact. Cover will usually begin the moment you obtain professional indemnity insurance for the first time, and will usually cover all work from that date onwards as long as you maintain uninterrupted professional indemnity cover. If there is a specific prior or past act that you are concerned about, please discuss this with your insurance broker in more detail who may be able to recommend a solution.

Can I get coverage for claims arising from advice or recommendations given to clients?

Absolutely. It's a good idea for any professional who provides advice or recommendations to consider getting professional indemnity insurance.

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