Professional Indemnity Insurance is for professionals who offer suggestions or service to their customers. It guards you against legal costs and claims for damages to third parties which might happen as you make errors in your line of work.
If an error or omission occurs in the as you’re working that leads to monetary loss or injury to a 3rd party that client may take legal action towards you to make up for their losses. Professional Indemnity insurance seeks to safeguard both your properties and your track record if this were to happen.
Why Would I Need This Type of Insurance?
Defending yourself from a conduct claim can cost you money, time, and damage your business, despite whether the accusations are founded or not. If things do fail you could be held responsible not just for your very own actions, but for the actions of your partners, or volunteers.
All professionals need to ensure they are protected versus unproven claims as well as breaches of duty. An Indemnity insurance policy safeguards you and your business by supplying cover against such claims, including the cost of protecting the action– so you can perform your business with the self-confidence that both your assets and your track record are safeguarded.
Who is covered by an Indemnity policy?
An Indemnity insurance plan must cover not just your service but also any principal, staff member, director, partner or associated entity whilst acting with the scope of their responsibilities.
How Much Coverage Is Needed?
The amount of coverage can vary, depending on the amount of employees you have, the type of work you are doing, and the number of clients you have. It’s generally a good idea to get a policy slightly above what you may need. This ensures you don’t come up dry in the case that something does go