Professional Indemnity Insurance
Professional Indemnity Insurance (PII) indemnifies you for the legal liability and defence costs arising from breaches of professional duty.
Some professions like Accountants and Solicitors are legally required to have PII cover. However, many newer professions require the cover including Management Consultants, Consulting Engineers, Health and Safety Consultants, Computer Consultants to name just a few. All businesses setting themselves out as experts or providing professional advice should consider PII insurance.
Design and Construct
If part of your business includes a design service or design and construct work is undertaken you should consider professional indemnity insurance arising from a breach of duty to your clients in respect of the design element. Cover is often referred to as Design and Construct or D&C.
How does Liability arise?
Claims normally arise from breach of duty of care. You must exercise skill and care in dealing with your customer’s. If your Client suffers a loss as a result of your advice you may be dragged into legal proceedings and not only have to compensate your Client, but also reimburse them for their legal costs in addition to paying your own legal costs.
Cover
Cover can be extended to include:-
Libel and slander
Dishonesty of employees
Fidelity
Loss of documents
Dishonesty of employees
Infringement of copyright and intellectual property rights
Previous firms or previous partners
Premiums
Premiums start from as low as £200 per annum for some professions. Instalments are normally available.
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