Home 9 Insurance 9 A Guide for Choosing Professional Indemnity Insurance

CHEAP VAN INSURANCE

Compare Van Insurance Quotes

Enter vehicle registration number

Don’t know the registration number?

Search and compare cheap quotes from over 110 UK insurance providers, including

A Guide for Choosing Professional Indemnity Insurance

by | Feb 17, 2021 | Insurance | 0 comments

Affordable Professional Indemnity Insurance with Simply

 

Differentiate professional indemnity insurances from different UK professional indemnity insurance providers.

 

Are you an architect, engineer, financial advisor, journalist or a consultant? When you make a mistake on your work the client may sue you. What can protect you is a professional indemnity insurance.

 

 

What is a professional indemnity insurance?

 

A  professional indemnity insurance protects/covers you when you make a negligent mistake or  just a mistake that causes a client’s business to suffer financial loss.

 

Some service-based areas that can lead to legal proceedings are:

 

  1. Intellectual property: violation or breach of any intellectual property rights, infringing on copyrights, trademarks or broadcasting rights
  2. Negligence: dereliction of duty or a form of carelessness that involves harm to the work
  3. Dishonesty: this includes unethical attitudes such as theft and lying to the client
  4. Loss of data: unintentional or intentional damage of data information or data breach belonging to your clients
 
In the world we live today where blame and claim culture can be everywhere, businesses are at risk of getting sued for the services they give. As a businessman or professional, it is a good idea to have a financial support/ insurance that is tailor made for you.

 

Simply can help you get and find an affordable professional indemnity insurance. With Simply getting one is easy with our panel of UK insurance providers to contact you to discuss the best available policies. Join the 3 million+ users in using Simply and save on your Professional Indemnity Insurance. Start saving today! A good insurance can give someone a peace of mind but you shouldn’t pay more than necessary.

 

 

Guide to Professional Indemnity Insurance

 

If you are a person that gives service by providing advice or any form of service to your clients, you should think about buying yourself a professional indemnity insurance. A Professional Indemnity Insurance is an insurance that can cover you or someone for their mistakes, intentional or unintentional, when providing services. With a professional indemnity insurance, the consequences of mistakes can be pretty heavy in terms of money. 

 

 

Professional Indemnity Insurance is important

 

It is important because of the reasons stated above, you can make a mistake in providing service to your clients. Be it because of unethical atittude or breach of copyright. Especially if you or someone caused the client financial loss. The one who made a mistake will need a legal cover to defend themselves when sued. Even if the claim is found to be unwarranted, it might still cost you. While if its a successful claim, there will be legal costs and the chance to pay compensation for the mistake. This will add up to thousands of pounds but if you have a professional indemnity insurance you don’t have to worry about the cost.

 

 

Can I really be sued? What are the chances?

 

Claims like this are relatively uncommon. However, there is still a chance and the consequences will be severe. You may lose your business, livelihood or home just by paying this bill. This is why having professional indemnity insurance can cover the required. You can buy one online and compare the different policies and prices. 

 

 

Who should buy professional indemnity insurance?

 

It is highly recommended to buy a Professional Indemnity Insurance if you are:

 

  1. A professional giving advice
  2. Someone providing service to others

 

Examples of this are Computer Experts, It professionals, accountants, consultants and others.

 

 

What is an any one claim policy?

 

Every professional indemnity insurance Northern Ireland policy will typically have a claims limit attached to it. The premium depends on how high the limit isw. There are two types of policy to choose from. The any one claim policy means there is a limit applied to every claim made. For example, if the limits is £200,000. And someone makes two separate claims for £175,000 each, these could both be covered.
 
 

What is an aggregate policy?

 

If you or someone got an insurance for NI business and it has an aggregate claim limit, the limit will typically be the maximum for all claims made under that policy. For example, it may have a £200,000 limit the same as in the example given above. However, for two claims of £175,000 each, only the first would be fully covered.

 

 

The cover shouldn’t run out!

 

A continuous cover is important. If a person have provided consultancy services since 2012 and they got a professional indemnity insurance from the beginning. However, when the policy was nearing its end that person took three months off work. When that person returned, he/she set up a new professional indemnity insurance. However, during the three-months off, a client made a claim against them, it was a claim for a work made before the insurance ended. Due to not being covered by the insurance at that point when the claim is made, the insurance they had will not be valid and won’t cover them. Even when taking some time off from work or business, it is important to have a cover. You can search for cheap professional indemnity insurance in Northern Ireland but don’t let it run out.