Professional Indemnity Insurance
Protection against incorrect advice and service.
How should I be insuring my professional company?
Whilst it is easy to focus on the rewards associated with managing a business, it is crucial to also recognise the many risks that coincide with the rewards. To protect the business that you own against unexpected situations and risks that you are naturally exposed to, Professional Indemnity (PI) Insurance along with Directors & Officers cover are highly recommended types of business insurance. If you have employees or more than one Director, then Employers Liability is mandatory.
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What is Professional Indemnity Insurance?
Professional Indemnity Insurance refers to protection against incorrect or inadequate advice and services that you give. Unfortunately, any business can produce work resulting in both financial and reputational loss for their client and this is sometimes only uncovered long after the contract is completed. In this instance, your company can be held responsible which is when Professional Indemnity Insurance supports your business. At SJL Insurance, we provide insurance that can cover expenses, legal fees and pay outs incurred should an allegation be made against you by a client for providing an inadequate service.
Is Professional Indemnity Insurance compulsory?
Professional Indemnity insurance isn’t a legal requirement, but many potential clients won’t hire you if you don’t have adequate cover at the right level. Whilst PI insurance is not a legal requirement, it is compulsory for a selection of professions such as solicitors and insurance brokers. In particular, PI is recommended for those who provide advice and consultancy and handle important client data. The following are some of the professions that require PI insurance:
- Website & Application Developers
- Software & Technology Companies
- PR Consultants & PR Agencies
- Estate and Lettings Agents
- Marketing, Advertising and Sales
- Design and Branding
- Media and Broadcasting
- Education and Care
What is Directors and Officers Insurance?
As a Director, you are responsible for making big decisions within your company. Unavoidably, some of these decisions may produce a negative result for your client or company. It is therefore imperative that Directors insure themselves against personal and business losses for these unfortunate circumstances with Directors and Officers Insurance.
What is Employers Liability Insurance?
Employers Liability Insurance is required by law to protect employees against personal injury claims that occur as a result of Employer negligence. As an employer, you are legally and morally responsible for the health and safety of your staff. This includes any injury or disease caused by the conditions of employment.
How much does Professional Indemnity Insurance, Directors and Officers and Employers Liability Insurance cost?
SJL Insurance build a bespoke quote, catered for your business and needs. Receive your free, no obligation quote for Professional Indemnity Insurance, Directors and Officers and Employers Liability Insurance today.