Professional Indemnity Insurance, also known as ’Errors & Omissions’ protects you and/or your business against claims against financial loss or damage sustained by a third party as a direct result of your negligence, error or omission. Professional Indemnity insurance will also provide you with additional cover for legal costs.
In the ever-increasing litigious world that we now live in, individuals and companies that provide advice and/or services for a fee are becoming more and more reluctant to continue trading without the protection that Professional Indemnity insurance cover offers. They no longer want the uncertainty of being exposed to financial losses to third parties caused by their negligence, which in extreme cases might bankrupt their business.
Although it’s not mandatory for all types of business, many industry bodies’ regulatory requirements state that many business sectors require PI insurance, including accountancy, engineering, and surveying. Professionals working on a contract basis – such as management consultants, business consultants, and IT contractors – usually potential clients and contractors will ask if you have PI insurance when they award contracts.
No matter how many years experience your firm may have, there is always the possibility that you (or a member of your team) could make a mistake. So be protected for the unexpected.
Get in touch with our friendly team today to find out more about our professional indemnity cover. Call us on 01724 487718 to find out more about how we can help or click here to fill in our quote form and we’ll be in touch as soon as possible.