What is Professional Indemnity Insurance?
Whether you’re an architect, interior designer, or a doctor, professional indemnity insurance is a great way to ensure you’re protected in the event of a lawsuit. Whether it’s for something as mundane as a mistake or something more serious like malpractice, it can pay for your legal costs.
The best way to know what kind of professional indemnity insurance you need is to conduct a risk assessment of your own business. This includes determining what you can afford and what your clients expect from you.
Professional indemnity insurance can be purchased from insurers or specialist brokers. Buying a policy online is a good way to get a competitive quote and a 10% discount.
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There are many different kinds of professional indemnity insurance to choose from. Basic policies only cover negligence, but other types of policies are designed to cover more complex issues, such as a breach of confidence or intellectual property. These policies can also include damage limitation and endorsements, which extend the coverage to a range of incidents and acts during your policy’s lifecycle.
While professional indemnity insurance isn’t mandatory, it’s a good idea to have it. Having the right type of insurance can save you thousands of pounds in the event of a lawsuit.
You may be surprised at how much it costs, but professional indemnity insurance can save you from having to pay a legal defense and the associated damages. The cost of professional indemnity insurance will vary, depending on your profession, your turnover and the company you choose.