Professional indemnity (PI) insurance protects businesses from a range of exposures, such as mistakes in services they provide, compensation claims, contract disputes and IP disputes. Our cover also includes media content liability as standard.
Where possible we want to avoid a claim as much as you do, so if it should arise, we can help settle a dispute between your company and your client regarding unpaid fees. We will pay the fees owed to you if a client refuses to pay and threatens to make a claim.
Our professional indemnity cover will pay for public relations and crisis management costs (including purchasing media space, printing and postage costs etc.) to protect your brand’s reputation in the event of a covered claim.
Accidental copyright breach is becoming more common for fast-growing companies. We pay up to £25,000 in legal costs to defend your business against others should it happen to you.
Professional indemnity insurance (PI), also known as professional liability insurance, covers you for claims where clients have lost money due to mistakes in your professional services. Professional services include any designs, advice, or consultations you carry out for a client. It also covers contract, IP and trademark disputes. Should a third party make a claim against you, a PI policy will cover your legal costs and expenses to defend you as well as compensation awards if the claim is successful.
Freelancers, contractors or any size of business that provides advice, consultancy or design service should consider this policy. Having PI insurance could even help you win more business as it’s often requested by clients before entering a contract. PI is also a legal requirement for specific industries.
PI covers you if a third party sues you in relation to advice, consultancy or a professional service that you provided to them that resulted in financial damages. We cover for libel, copyright/ trademark infringement, design flaws, erroneous advice, defamation, plagiarism, wrong allegations, negligent content and product disparagement. We also cover you if a client of yours has business downtime as a result of your negligence and holds you financially liable.
Firstly, it is important to get a lawyer to draw up watertight contracts and T&Cs for your client work, so both parties are clear on their professional duty, the scope of the work agreed, and any stipulations regarding what you can and can't be held liable for. You should also make sure that other parties you are contracting with have professional indemnity insurance, such as contractors and suppliers etc. Be sure to check out the limitation of liability and indemnification sections in contracts you sign to know what limits of insurance you need to maintain. If you’re a tech company, a great idea is to agree your service level agreements with your engineering staff to make sure you agree to a feasible level of service.
It’s wise to consider the financial impact should something go wrong when choosing your limit of cover. Clients may request a limit, but legal action costs and the chance of multiple claims at once need to be taken into account. You should also maintain professional indemnity cover even after your contracts have ended, to make sure you are still covered if a claim arises after you provided the work. You should also declare any changes your business is making to your insurer to avoid oversights.
All businesses that enter into contracts with other businesses or third parties in general should consider professional indemnity insurance. While it's not a legal obligation, clients will often require it and for professional and trade bodies, it's sometimes an eligibility requirement for membership.
Professional indemnity insurance is not a legal requirement for businesses in the UK. However, it is sometimes a requirement of clients or of professional membership or trade bodies.
"Sure. You'd be surprised how far a hug goes with Geordi, or Worf. I'd like to think that I haven't changed those things, sir. Yes, absolutely, I do indeed concur, wholeheartedly! Is it my imagination, or have tempers become a little frayed on the ship lately?"
CEO - The Backsplash
"Sure. You'd be surprised how far a hug goes with Geordi, or Worf. I'd like to think that I haven't changed those things, sir. Yes, absolutely, I do indeed concur, wholeheartedly! Is it my imagination, or have tempers become a little frayed on the ship lately?"
CEO - The Backsplash
"Sure. You'd be surprised how far a hug goes with Geordi, or Worf. I'd like to think that I haven't changed those things, sir. Yes, absolutely, I do indeed concur, wholeheartedly! Is it my imagination, or have tempers become a little frayed on the ship lately?"
CEO - The Backsplash
"Sure. You'd be surprised how far a hug goes with Geordi, or Worf. I'd like to think that I haven't changed those things, sir. Yes, absolutely, I do indeed concur, wholeheartedly! Is it my imagination, or have tempers become a little frayed on the ship lately?"
CEO - The Backsplash
I will obey your orders. I will serve this ship as First Officer. And in an attack against the Enterprise, I will die with this crew.
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