What is Professional Indemnity Insurance?
This is an insurance policy that protects a business or person for the cost of compensating customers for negative effects like loss or damage following negligent services or poor advice given by a business or an individual.
Do I need Professional Indemnity Insurance?
Some professions must have Professional Indemnity insurance in place, and these include people employed in:
- Legal work, such as solicitors
- Architecture
- Accounting
- Some healthcare professions
- Financial advice
- Chartered surveying
Of course, many more professions and businesses choose to have a policy in pace to protect themselves against potential claims. It is important to note that claims for compensation can still be made against a business or individual even if that service or advice was provided free of charge.
Any organisation or individual who offers advice, knowledge, or skills to customers in any capacity, whether self-employed or as an employee should consider professional indemnity insurance. This insurance will also cover businesses and individuals who provide designs, instructions, and specifications.
What is covered?
- A breach of duty
- Negligence
- Errors and omissions of information agreed upon that result in additional costs to rectify
- A breach of data protection or copyright
- A breach of confidentiality that results in a financial or business loss
- Defamation
- Loss of sensitive, confidential, or important documents
Why choose Mark Richard Insurance?
Areas We Cover
Starting in Bristol and Bath in South West England, Mark Richard Insurance have now expanded and covers the whole of the UK for Home, Car and Business Insurance.
Mark Richard Brokers offers insurance for motor trades, property owners, shopkeepers and home owners.
Our team of experts will be glad to help you with all your insurance needs.