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.
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