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Professional Indemnity Insurance

What is Professional Indemnity?

If you have been recommended to have professional indemnity, but are still unclear about exactly how this insurance works to protect your business, it is best described loosely as insurance that protects your business from financially ruinous and often reputation-damaging claims made by dissatisfied clients.

In other words, Professional Indemnity Insurance provides cover for liabilities arising from negligent advice given or services provided in the course of professional duties, resulting in a financial loss.

Below we list some of the danger areas your business could be exposed to:

Negligence: or breach of duty of care
Intellectual property: unintentionally infringing on others’ copyrights, trademarks, broadcasting rights, any act of passing off
Loss of documents/data: damaged, lost or stolen data and documents belonging to your clients
Dishonesty: liability arising from the theft of your clients’ money

How will it protect my business?

Professional Indemnity from works in a number of ways:

1.   Libel and/or Slander and/or Breach of Professional Confidentiality – They will pay all sums for which you or any person employed by you are legally liable arising out of any Libel and/or Slander committed without malicious intent by you either verbally or in writing or breach of professional confidentiality in the course of your business. We will not be liable for any claims made as a result of alleged Libel and Slander in any publication or by communication to the media against professional or business competitors any fines penalties punitive or exemplary damages or any infringement of the Data Protection Act 1998.

2.   Costs and Expenses – In addition to the limit of indemnity they will pay all costs and expenses incurred with the underwriters prior written consent on your behalf in the defence or settlement of any claim except any remuneration due to the insured or persons employed by the insured.

3.   Cover is extended to include claims made against any principal, partner, associate, director, agent or other employee of the insured arising out of work undertaken by the named insured.

It is important to remember that most Professional Indemnity policies are underwritten on a "Claims Made" basis and therefore must be in force at the time a claim is made.

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