Professional Indemnity Insurance
PROFESSIONAL INDEMNITY INSURANCE POLICIES
If you or your business offers professional advice, expertise or handles data or intellectual property on behalf of a third party, Professional Indemnity cover could prove invaluable. Commonly referred to as P.I Insurance, this policy could protect you should a client believe you have been negligent.
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- Insures against related compensation claims and legal costs
- Costs accrued to defend a claim and the claimant’s legal costs should you been found to be at fault
- Loss of documents or data
- Loss of goods or money for which you are responsible, held in trust
- Covers against any damages awarded to the claimant plus legal costs
- Professional negligence, making a mistake
- Defamation and libel
- Unintentional breach of copyright and or confidentially
WHO NEEDS PROFESSIONAL INDEMNITY INSURANCE:
- IT Professionals
- Journalists
- Solicitors
- Business Consultants Engineers
- Teachers and Private Tutors
- Accountants
- Insurance Brokers
- Architects
- Surveyors
- Marketing and Creative Professionals
The above list is an example of some industries but is not limited to. If you are unsure if you or your business could benefit from a PI policy, Risk Kitchen will be happy to guide you.
Recently Risk Kitchen have seen a large increase in Virtual Assistants approaching us for cover. A trend that we predict will grow as more people choose to work from home and outsource elements of their business to Virtual Assistants.
HOW MUCH COVER WILL I NEED?
The level of cover required will depend on the nature of your risk. For example, if you deal with large amounts of high risk or sensitive data you may be subject to levels set by external regulators.
If a client suffers a significant financial loss due to your negligence, they are likely to bring a claim against you.