If you run a business that offers a professional service and you give expert advice to clients, you should consider taking out professional indemnity insurance, also known as professional liability insurance.
Does Your Business Need Professional Indemnity Cover?
Traditionally, it’s been professions like law and accountancy that have taken out professional indemnity insurance, but nowadays, companies involved in areas such as IT, training and business consultancy are also seeking to protect their businesses from potentially high legal costs if a client decides to sue.
Here are just some of the types of professional indemnity insurance that are available:
- Accountants Insurance (including chartered accountants and certified accountants)
- Advertising Indemnity Insurance (including advertising agents, advertising agencies and advertising consultants)
- Alarm Installers Insurance (including companies advising on security alarms, fire alarms and emergency panic buttons)
- Architects Insurance (including architectural technicians and landscape architects)
- Biogas Consultants Insurance
- Bookkeeper & Bookkeeping Insurance
- Business Consultants Insurance (including HR consultants)
- Consulting Civil Engineer Insurance (including engineering consultant, site engineer & setting-out engineer)
- Designers Insurance (including interior designers, garden designers, bathroom designers & design consultants)
- Dry Lining consultants insurance
- Energy Consultants Insurance (including energy assessors and renewable energy consultants)
- Estate Agents Insurance (including letting agents and property management)
- Financial Advisers Insurance
- Freelance Consultants Insurance (insurance for freelancers and freelance contractors in most industries including those working in IT, construction, rail, aerospace, oil, gas, water, energy, renewable energy, wind farms and offshore)
- Graphic Designers Insurance (including computer graphic designers)
- Health & Safety Consultants Insurance (including health and safety training, health and safety inspection services and health and safety consultancy)
- Healthcare Professionals Insurance (including occupational health consultants)
- Horticultural Consultants Insurance
- Human Resources Consultants Insurance (including HR consultants)
- Interim Management Insurance
- IT Consultants Insurance (including IT contractors, IT architects, IT project managers, user experience designers, analysts, developers, big data, cloud computing and security specialists)
- Legionella Testing & Legionella Risk Assessment Insurance (for companies involved in legionnaires’ disease testing)
- Life Coach Insurance
- Management Consultants Insurance
- Market Research Company Insurance
- Marketing Consultants Insurance (including online marketing, digital marketing and SEO)
- Media Consultants Insurance
- Measured Building Surveyors Insurance
- Project Manager Insurance
- Public Relations Insurance
- Publishers Insurance (including insurance for independent publishing companies)
- Quantity Surveyor insurance
- Quality Assurance Consultants Insurance
- Recruitment Agency Insurance (including employment agencies)
- Setting Out Services Insurance
- Social Media Consultants Insurance (including social media management, social media managers, social media strategists and social media consultancy)
- Software Developers Insurance
- Solicitors Insurance
- Surveyors Insurance (including chartered surveyors, land surveyors, expert witness surveyors, building surveyors and estate management)
- Tax Consultants Insurance (including capital allowances specialists)
- Telemarketing & Lead Generation Company Insurance
- Telecommunications & Mobile Telecoms Consultants Insurance
- Training Consultants Insurance (including training services)
- Website Designers Insurance (including website developers)
If your business isn’t listed above, don’t worry, we can still probably obtain a quotation for you.
Professional Indemnity – A Few Tips
Here are a few things to think about when arranging Professional Indemnity insurance:
- What are your legal obligations?
- Is the business description relevant to your business?
- Is the limit of indemnity adequate?
- How much is the policy excess?
- Check the retroactive date
- Check the policy exclusions