What is Professional Indemnity insurance?
Professional Indemnity insurance or sometimes known as Professional Liability Insurance (PL Insurance) is designed to protect individuals and businesses in the event of professional neglect. Covering any legal costs and expenses incurred in defense, or any costs that may be awarded, if the small business is alleged to have provided an inadequate services, advice or designs causing their client to lose money. Phew! That’s a bit long winded!
Basically in a nut shell Professional Indemnity Insurance is a safety net for professional across the country we all know from time to time mistakes happen. We are after all only human. But on occasion these mistakes can incur huge costs which can cripple a small business. This type of insurance helps cover costs without crashing your bank balance.
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Who needs Professional Indemnity Insurance?
Professionals such as designers, teachers, private tutors, recruitment agencies, fitness professionals to name a few all should have Professional Indemnity insurance. If you work from home you should check whether your home business insurance covers Professional Indemnity. In most small business cases it’s probably better to be safe than sorry. Take time out to have a chat with a broker to see whether you do in fact require this type of insurance or to see if you current insurance covers you already.
Where can I get Professional Indemnity Insurance from?
Brokers like Cavendish Munro are not tied to anyone insurer meaning they can get the best individual deal per each individual client. It is important to ensure that your understand what you are insured against, that you are being spoken to in plain English and have the correct cover tailored for your business needs.
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