What is professional indemnity insurance?
Anyone can make a mistake – but if your business is found liable for negligence, the costs can be financially devastating. Not only can it lead to an expensive lawsuit, but your business’ hard-earned reputation may be damaged as a result.
That’s why professional indemnity insurance matters – for help protecting your assets and brand if your advice causes a client to take legal action against you.
What can it cover?
As a wide-ranging insurance solution, professional indemnity cover may include anything from accidents to errors and omissions.
Depending on your policy, professional indemnity insurance can cover:
|Type of Cover||Potential Benefits|
|Civil liability||Civil liability to a third party arising out of the conduct of their professional business.|
|Inquiry costs||The cost of defending an inquiry by a regulatory body into the professional conduct of the insured|
|Defence Costs||the costs involved in defending a claim triggered by the policy|
|Fidelity Cover||Direct financial loss of the business caused by the dishonest or fraudulent conduct of an employee which is first discovered during the period of insurance|
|Advancement of costs and expenses||Additional costs and expenses incurred during a claim|