Also known as PI insurance, professional indemnity cover relates to any legal action or compensation claim that is brought against your business for losses caused by poor advice, services or designs. This legal action can often be expensive – which makes it incredibly important to be covered for every eventuality.
Professional indemnity insurance will cover the costs of such claims made against your business. If you don’t currently have cover, it’s important to get some in place as soon as possible, as you won’t be protected against claims made before you took out insurance.
What does professional indemnity insurance cover?
Business indemnity insurance covers a wide range of scenarios, granting you the peace of mind to know you’re covered, without having to over-think the nuances of each service and the type of advice you offer clients.
The most common claims are related to mistakes made in your work or from advice that results in a client losing business or money. Other instances where PI insurance is used is where reputational damage is incurred by a client because of your work. This can include anything you have publicised about them.
Finally, you’ll also be covered if a client loses out to a third party due to incorrectly used copyright-protected material.
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