Professional indemnity insurance is essential for any service-based business (e.g. accountants, architects, designers, builders, solicitors, surveyors and other consultants). Modern contracts often contain a clause requiring professional indemnity insurance as a condition of engagement. It’s also often a regulatory requirement, and in all cases provides protection from valid and spurious claims.
Although professional indemnity insurance varies with specialism, the fundamental elements are the same for all. For example, professional indemnity insurance policies protect against:
- Mistakes that amount to negligence or a breach of the duty of care
- Unintentional infringement of intellectual property rights
- Information and file loss
- Dishonesty within your organisation.
Professional indemnity insurance covers the cost of legal defence against these claims, along with penalties and compensation payments if you lose. Contact us on 01525 719955 if you would like us to review your policies and provide a quote.
“When we have been unfortunate enough to have a claim, it has been handled sympathetically and speedily. This includes a claim where Home Counties was instrumental in us receiving a settlement of nearly £2,000,000, when the insurers originally offered considerably less! We have the highest regard for Home Counties Insurance, and would be happy to recommend them.”
Mike Mansell, Director of Frontier Estates Ltd