Professional Indemnity Insurance covers financial loss sustained by customers when you make mistakes and includes compensation awarded to your customer as well as their legal costs.
Protect your business from facing large legal bills or big compensation pay outs to customers if your business is found to be negligent, provided poor advice or where your service fails to meet the expectations of your client.
If any of these circumstances occur, your customer will likely start legal proceedings to recoup their costs, i.e. fees they have already paid or the cost of remediating the problem. Without professional indemnity insurance your business would be liable for these costs and may even have to pay the customer compensation.
Professional indemnity insurance covers such an event so that the policy pays these costs not your business. Having to pay such costs from your business would likely impact on your cash flow and in some cases could even leave your business bankrupt.
Anyone who provides a professional service and could be vulnerable to having claims made against them should protect themselves and their business with professional indemnity insurance. Based in Northwich, CRS can guide you through all aspects of professional indemnity insurance to ensure you have the right level of cover and get the best deal.
Who is professional indemnity insurance for?
Whether you are a sole trader, freelancer, contractor, limited company or limited liability partnership you would be eligible for this type of cover. In fact, anyone who provides expertise, advice or skills to a customer for a fee could have a claim brought against them.
Professional Indemnity is particularly useful for the following:
- Design and build contractors
- Management consultants
- IT contractors
Why do you need professional indemnity cover?
Having the correct level of insurance in place can help protect your business from financial loss should a claim be brought against you for any of the following reasons:
- Negligence – Being careless in your work, giving poor advice or making a mistake.
- Infringement of intellectual property – An example of this would be using images or content from another company where royalties hadn’t been paid.
- Defamation – Making false or damaging claims about an individual or a company.
- Breach of confidence – Sharing information you were not permitted to share; this could include breach of a non-disclosure agreement.
Looking for professional indemnity insurance advice in Cheshire?
If you would like professional indemnity insurance advice, please get in touch via our enquiry form and a member of our team will be in contact to discuss your requirements and the best options for your circumstances.
Agricultural insurance can be complex and brings up all sorts of issues that you do not get with commercial insurance. Choosing an insurer who understands the industry and the risks is crucial.Agricultural Insurance Information
Commercial combined insurance brings a range of business insurances together under one policy, making it easier to manage.Commercial Combined Insurance Information
Commercial liability insurance provides cover for sole traders, partnerships or limited companies to ensure that you are personally protected against any business losses.Commercial Liability Insurance Information
Commercial property insurance covers the bricks and mortar for your business premises and can include factories, warehouses, offices or complex premises such as listed buildings or castle ruins.Property Insurance Information
Cyber Insurance is a type of cover that is designed to protect your business from the financial and reputational costs of a malicious attack, such as a data breach or cyber attack.Cyber Insurance Information
Commercial Flood Insurance provides your business with a payout to cover the costs of property damage, disruptions in trading or damaged contents.Flood Insurance Information
Virtually every material thing in our day to day lives has at some time been “goods in transit”, whether it has been transported just a few miles or from the other side of the world.Goods in Transit Insurance Information
Motor fleet insurance is a policy that covers several specified types of vehicles and drivers. Combining your vehicle insurance with a motor fleet policy can help reduce your insurance costs.Motor Fleet Insurance Information