Professional Indemnity Insurance

Professional Indemnity Insurance

Professional Indemnity Insurance is insurance for consultants and other professionals who provide services or designs to a client, indemnity insurance is used by doctors, accountants, solicitors, freelancers, contractors and IT workers. Indemnity insurance will reimburse the client for mistakes you make.

Office Workers, Professionals And Consultants Insure Themselves Against Their Own Mistakes

Specialist professional indemnity cover is the way that office workers, professionals and consultants insure themselves against their own mistakes, if your supplying services or designs to a client and by your own mistakes your designs or services end up costing the client money, the client will probably want to take you to court to receive financial compensation for the mistakes you made that cost their own business money, professional indemnity insurance provides you with insurance against your own mistakes.

Get cover for your profession whether your an accountant or bookkeeper making up the accounts of a company or other small business, you might be a freelance accountant working form home, but the mistakes you make might still cost your client money, get their accounts wrong and the client might be faced with a tax bill or other fine which they will want to recover from you.

Pay Monthly By Direct Debit For Indemnity Insurance

You can pay monthly by direct debit for indemnity insurance so itís not as expensive as you think as your only paying for each month in advance, if your a solicitor and your bad advice causes your client to lose their immigration case or other court case, your client will probably want to take you to court to recover money you have lost them or other loses they have encountered, with indemnity insurance the insurance company will pay your client for your own mistakes.

Office Insurance

Insurance coverage can include indemnity insurance, and standard business insurance as a package known as office insurance, these office insurance packages also include employers liability insurance, buildings and content insurance, so everything a small business, practice or consultancy needs for insurance in one easy package.

Personal accident cover can also be included in an indemnity insurance policy, this is both for injury to yourself and for the property of others, so for example you are a surveyor and you have to survey a site, you accidentally fall and land on building materials which you have broken, the client will want you to pay for the building materials you have broken and your want health or Life Insurance as part of your insurance package for your own injuries, these different insurances can be provided as part of a package of office insurance.

Providing Consultants And Other Professionals With Insurance

Professional liability provides consultants and other professionals with insurance to cover the costs of their own mistakes, an IT consultant who incorrectly configured a server or network costing their client downtime might want to sue the consultant for loss of earnings, with professional liability cover the IT consultants mistakes will be covered by the insurance, the insurance will pay out to the client making the complaint.

Employers liability is a separate insurance where the employer is liable to the employee for accidents and injury, for example an employee might scald themselves on the coffee machine, it is the employer who is liable to the employee, the employee might take the employer to court and if the employer is found negligent the employers insurance will pay compensation to the employer for injuries received at work.

Business Consultant Cover

You can get a quote online for professional indemnity which is also known as business consultant cover, a business consultant for example might implement changes at a company which result in huge loses, the client might see those losses as mistakes made by the consultant and want to sue the consultant for loss of earnings and damage to reputation, with business consultant cover the insurance company will pay the client compensation so the consultants own money and livelihood is not put at risk.

Indemnity insurance is an affordable and flexible insurance that protects yourself and your business, if you make a mistake and a client sues you and you donít have indemnity insurance you will be personally liable, when the client takes you to court and the court rules that you are liable then you might lose your home, your job, all earnings and your reputation, as your have to personally pay the client compensation, with indemnity insurance the insurance company pays the client compensation on your behalf.

Business Consultants, It Consultants, Medical Consultants And Anyone Who Engages A Client

Personal indemnity is ideal for consultants like business consultants, IT consultants, medical consultants and anyone who engages a client and provides consulting services or designs to the client, this is an insurance for the individual or a company, itís different from business premisses cover for example where this is standard business insurance to protect your buildings and contents from fire, flood etc. with personal indemnity itís insurance for the work you do, the decisions you have made on behalf of the client, if your work causes the client to lose money and sue you, itís the indemnity insurance that will pay the client compensation.

PI For Consultants

PI (Personal Indemnity) for consultants is used by any person with a consultant style business, this might be accounting services, IT services, medical services, engineering services or design services for example, where you are using your knowledge to solve a problem for your client, this is different to product insurance where an actual product has been designed and manufactured by you and you need product liability insurance for anything that is proved to be wrong with the product, think of personal indemnity as design insurance or consulting insurance.

Stand Alone PI Insurance

Stand alone PI insurance is just for you individually it does not form part of wider insurance products, if your a consultant or contractor and your employer does not have liability insurance that covers you, then getting your own liability insurance is cheap and easy with an online quote, so you can easily protect yourself against claims a client or your employer might make against you.

PI For Contractors

PI for contractors is slightly different than other forms of personal indemnity in that as a contractor you might have a great many clients and even be subcontracting from another contractor, you still need your own PI as your subcontractor might not have PI that covers you, yet if a client sues your subcontractor you can bet that they will be passing the liability onto you.

PI For It Sector

PI for IT sector, as an IT consultant your building and repairing networks and servers or writing software for a client, if that software or hardware configuration is at fault this may lead to large losses for clients such as banks or other small businesses.

Get professional indemnity insurance to suit you, the amount of indemnity cover you have can be changed to meet the typical costs of the type of projects you work on, you might want one million pounds of indemnity insurance, five million or ten million pounds, the amount of insurance you want is up to you, you can change this amount over the years should the projects you work on increase or reduce in size.

For a quick quote process, apply online, your be able to choose your job title or area of specialism so that the quote can be tailored to your profession, this might be IT, medical, financial, engineering or other allied fields.

What is professional indemnity insurance?

Professional indemnity insurance is insurance to protect consultants and other contractors from mistakes they make on clientís projects, this insurance is for knowledge workers and designers whose services will be highly technical, if a mistake is made the indemnity insurance will pay compensation to the client who is demanding damages.

If You Are Accused Of Sub Standard Services Or Designs By A Client

If you are accused of sub standard services or designs by a client then the indemnity insurance will pay compensation to the client, typically the client would take you to court and if the court finds in favour of the client, the damages awarded will be paid by your insurance company.

Legal Services Insurance

Make sure that your indemnity insurance includes legal services insurance so that the legal costs of representing you can be recovered from your insurance company rather than you having to pay these costs yourself.

Professional indemnity insurance provides cover for the legal costs and expenses that occur when you make a mistake and your client sues you for damage or loss of earnings, without indemnity insurance you would have to pay the client compensation from your own money, indemnity insurance is used by doctors and other members of the medical profession as well as accountants, bookkeepers, engineers and computer specialists.

The Cost Of Defending The Claim Against You

The cost of defending the claim against you must be met by yourself if you donít have indemnity insurance, you would probably need to sell your house, business and belongings to pay any compensation awarded to your client, to stop this happening get indemnity insurance.

Compensation Payable To The Client

Compensation payable to the client as a result of the mistakes you have made in providing consulting services or designs will be paid for by your insurance company, without indemnity insurance itís very unlikely your be able to continue in your practice if you have to pay these bills yourself.

Professional Services To A Client

Indemnity insurance is cover for businesses that give advice or provide professional services to a client, this can be accountants, solicitors, engineers, IT consultants, medical personal and a range of other professions who provide advice and knowledge as part of their business activity, indemnity insurance can be for a limited company with several consultants working for the company or for a freelance or contractor who is a one man business.

Payment For Compensation Claims

Payment for compensation claims will be made directly by the insurance company to the client but only after the case has been to court and the courts have ordered the consultant to pay compensation to the client, the insurance company might choose to settle out of court directly with the client, once you call your insurance company in to manage the claim for you, the insurance company will work directly with your client to reach resolution.

Indemnity cover usually includes payment for legal fees, this will be an option on the quote form, if you choose to pay your own legal fees than all legal work and legal representation will come out of your own pocket, with legal fee insurance as part of the indemnity cover you wonít have to worry about increasing legal costs if your client takes you to court.

If The Client Suffers A Financial Loss

If the client suffers a financial loss as a result of information, diagnosis, designs, programming or other knowledge you have provided the client then the client will want to take you to court to claim compensation, the damage your mistakes have made may lead into millions of pounds, without indemnity insurance you might be liable for these damages personally.

Professional Loss Due To Negligence In Your Work

Indemnity insurance will protect you against professional loss due to negligence in your work, negligence could take many forms, mathematical errors in calculations, miss-diagnosis of a medical or technical problem, applying the wrong legal rules to an accounting or financial problem, designing something which canít support the stated requirements, in all these cases when your found liable by a team of independent experts the client will want you to pay compensation.

Help Protect Yourself From Claims

Help protect yourself from claims made by your dissatisfied clients by getting indemnity insurance, for a monthly fee you can protect all your current projects and you can even get retroactive insurance that will protect all your past projects even before you had insurance, this is so that if an old job that you worked on turns out to contain errors and the old client sues you for compensation your insurance company will pay out even though you did not have insurance at the time you undertook the clients work.

There might be a great cost to put right a problem with your work, this cost should not be met by the client as they hired you, contracted with you and paid you to find a solution to these problems, the cost of putting right these problems you have caused may run into thousands or millions of pounds, with indemnity insurance (professional or business) its the insurance company that will pay out on a claim made by your client and not you.