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Professional Indemnity Insurance
What is professional indemnity insurance?
Professional indemnity insurance, also known as professional liability insurance or errors and omissions insurance, is a type of insurance to protect against claims as result of your work. It is a popular insurance among those in the medical, financial and service based sectors. If you are working in a field where you run the risk of claims being made against you if you make an error or omission in your service, professional indemnity insurance is for you!
Who needs professional indemnity insurance?
Those who provide services which put them at risk of claims from members of the public due to errors and omissions in their service should consider professional indemnity insurance. Typical occupations in which professional indemnity insurance is popular include but are not limited to:
- Financial consultants
What does professional indemnity insurance cover against?
Professional indemnity insurance will usually offer cover you against the following costs associated with:
- Errors or omissions
- Professional negligence
- Breach of professional duty
- Infringement of intellectual property rights
- Breach of confidentiality
It is important to remember that your insurance will be void if you deliberately commit illegal acts or are deliberately negligent in your services.
How much is professional indemnity insurance?
This will really depends on certain factors that are unique to your business and circumstances. For example the size of your practice, the number of clients you service as well as the risk of insuring someone in your industry are all considered. All of these factors and others like them influence how much an insurer will charge you for your insurance coverage.
The best way of finding cheaper indemnity insurance is by comparing multiple lenders and choosing the best deal for you with Tiger.co.uk