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Professional indemnity insurance will provide cover for:
- Professional negligence
- Loss of goods
- Loss of money
- Loss of documents/data
- Unintentional copyright/confidentiality breaches
Many professions are covered, including:
- IT consultants
- Creative and marketing professionals
- Landlords/estate agents
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Professional Indemnity Insurance – A Quick Start Guide
There are many types professions where professional indemnity insurance is an extremely useful type of cover to have.
What professional indemnity insurance covers you for
- Professional negligence
- Loss of goods or money
- Loss of documents or data
- Unintentional copyright of confidentiality breaches
Getting a lot of quotes is one of the best ways you can save money on professional indemnity insurance.
Additional types of liability insurance
Professional indemnity insurance will cover you for claims from clients that you work with. However there is also the risk of claims from the public or your own employees. You can get cover for both these types of claims included in a PI insurance policy if you wish.
- Public liability – Liability claims from the public may not seem like too big of a risk depending on what industry you work in but they can be very costly if one goes against you. You choose exactly how much public liability insurance to have included in your policy depending on the level of risk you feel is there.
- Employers’ liability – If you have employees then it’s part of your responsibility of being an employer to have employers’ liability insurance. As the name suggests, this will pay out compensation claims that come from your employees.
- Legal expenses – In addition to getting cover for liability claims, you can also have legal expenses included in a PI policy that covers any type of claim you might face.
How to avoid claims
- Educate yourself on the law – Professional indemnity claims can easily occur simply because a service provider was ignorant to the law or didn’t realise they were doing something wrong. It’s always useful therefore to know the law surrounding business practices, particularly where things like data protection and contract obligations are concerned. It could save you a lot of money in the long run.
- Train your staff well – If you have staff that work with you then you’ll certainly want to ensure that they’re well-trained. One mistake from an employee could result in a very costly claim going against you.
- Establish good relationships – Another way to reduce the likelihood of claims going against you is to establish the best relationships you can with the clients/businesses you work with. Often claims can come when a relationship has broken down so it’s certainly a good idea to go the extra mile and make sure your clients are happy with the service you provide.
Getting employers’ liability insurance quotes is very easy and they can easily be tailored to suit the unique needs of your business.
Save money on professional indemnity insurance
When it comes to the cost of a PI policy, a lot of it will depend on the industry you work in and the number of existing contracts you have. However there are still steps you can take in order to reduce the cost. Some of the best ones are below.
- Pay for the policy upfront – It’s a lot more common for people to pay for their policy on a monthly basis in order to spread the cost. However if you opt to pay for your cover annually, when you first take out the policy then most insurance providers will be able to offer you a significant discount on the overall cost for doing this. Always be sure to negotiate the best deal you can with insurance providers when paying annually.
- Reduce policy options – When you take out a PI insurance policy, you’ll be covered for the main risks you face. However there are lot of additional types of cover that you might not feel that you need. For example public liability insurance and employers’ liability insurance may not be necessary, particularly if you work on your own as a freelancer. Removing unnecessary cover options can help to reduce the price of your policy significantly.
- Get multiple quotes – Getting quotes from a lot of different insurance providers is one of the best ways to avoid paying more than necessary for PI insurance. Getting quotes is now a very quick and simple process so you should definitely do this if you want to get the best price for cover.
Get professional indemnity insurance quotes
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