What does professional indemnity insurance cover?
Professional indemnity insurance (PI), or professional liability insurance as it sometimes referred to, can cover you against a client making a financial claim against your work.
PI can pay your legal costs and any compensation payments that may be due if a client takes legal action for a mistake you have made when providing your services, designs or advice. It can even pay your legal defense costs to clear your good name if you are accused of making a mistake but have done nothing wrong.
What does it cover?
We’re sure you are very good at what you do so you may find yourself asking “why do I need professional indemnity insurance?” The reality is that we live in a compensation culture and any business providing a professional service can be challenged if a client deems the advice or service received is incorrect or has failed to meet expectations. A professional indemnity policy can cover legal defense costs as well as any award made against you. A claim can be extremely costly and disruptive and so it is wise to protect your work from the outset.
In terms of specific professions; professional indemnity can offer the following benefits:
Here at ipro, we offer professional indemnity insurance cover which can protect your IT firm whilst you offer your skills and services to protect the information technology of others. Keeping computers and software running smoothly where hacking and cybercrime pose an ever-increasing threat can be a challenging task, but you can run your business confidently knowing that our professional indemnity insurance can offer protection for such issues as:
- Errors and Omissions
- Intellectual Property Disputes
Breaches of Contract Creative & Media
Creative media is at the heart of almost every business with social media being the platform on which to market, advertise and increase footfall to your client’s door. Our professional indemnity insurance for creatives & media could be exactly what you need to protect yourself against the worst.
This professional indemnity insurance is ideal for those involved in the following professions:
- graphic designers
- web designers
- advertising agents
- public relations
- brand development/corporate identity consultants
- publishers and broadcasters
If you infringe on somebody’s intellectual property or are accused of providing poor advice to your clients, your professional indemnity policy could protect you against costly legal defense and compensation awards.
Working as a project manager can be immensely rewarding when you see a project from design brief through to completion. However, it is not without its challenges. Many times, a looming problem can be avoided, but when there is no solution but hindsight – it may lead to a costly and stressful claim that could literally mean game over for your business. ipro offers project managers’ professional indemnity insurance which can protect you against such problems as
- Breach of Contract
- Poor Advice
- Errors and Mistakes
Translators and Interpreters
We know that translators and interpreters work hard on many different projects and as we are all only human, mistakes can be made. If you mistranslate or misinterpret something you client could suffer financial loss and may launch legal action against you to recover it. Defense costs and compensation payments can run into thousands, or even millions of pounds. Our policy could protect you against such things as:
- Mistakes or errors
- Loss of client data
- Legal Defense Costs
Why is professional indemnity insurance important?
Professional Indemnity insurance is essential in today’s compensation culture-driven environment. It takes just one mistake for a client to lose out financially, and even if you have not made a mistake, but you are accused of doing so, legal defense costs can run into some seriously big numbers.
Could your business survive costly legal action or compensation payments? What level of professional indemnity insurance do I need?
Here at ipro, we offer flexible indemnity limits, so that you can decide what level of cover is right for you. Limits start from £100K and go all the way up to £5m and premiums start from just £5.13 per month.
Visit www.iproinsure.co.uk for a quote today. Cover can be arranged within 5 minutes, costing from just £5.13 per month and even better, you can pay by interest free installments. So why not take out a policy today and get on with providing the professional service that you do so well.
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