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What is Professional Indemnity Insurance all about?    

20 June 2023    |    By: Phil Browning

Ensuring your business is correctly insured can often be seen as a tedious task. That’s why  working with an experienced insurance broker can help take the stress away from arranging your business insurance, leaving you with more time to focus on the important things to hand, such as the daily running of your business.

Within many industries, having the correct insurance in place is crucial especially in the unlikely event that something does go wrong. Businesses who offer advice services to clients need to be extra careful, as the advice they give may inadvertently cause loss to their client if the information is wrong or inaccurate. In this instance the business offering the advice could be liable to pay compensation which in turn could see the business concerned ordered to pay substantial fees to cover their clients' losses. Professional Indemnity insurance exists to help safeguard your business in the case that you  give your client the wrong advice and they decide to take legal action against you.

Professional Indemnity insurance is designed to protect your business if a client suffers losses as a result of the work you do for them or advice you provide to them. If something went wrong causing your client to lose money, you may be liable to pay them compensation.

Professional Indemnity insurance safeguards businesses against these eventualities and gives peace of mind knowing that you’re covered should something unexpected happen. Although this cover is not always required by law, we often recommend Professional indemnity insurance to our customers to ensure that they are safeguarded from potential claims and their business has adequate protection in the event something does go wrong.

Typically, we will look to include a quote for Professional Indemnity cover as a part of your wider business insurance package as this enables us to provide a more transparent service. When we provide a quote, our advisors are able to discuss what the cover includes in fine detail – giving you peace of mind, with less time spent worrying about what could go wrong and more time focusing on running your business.

The cost of Professional Indemnity insurance will depend entirely on your business needs, the work you provide, the advice you give and the level of cover you require. There’s no one size fits all solution to Professional Indemnity insurance which is why our advisors will explore the market for the best options, ensuring that you pay a fair price and receive the very best service in return.  This insurance cover is typically optional but could provide your business with a lifeline if a claim is raised against your business as a result of work undertaken, or misleading advice being given.

If you’re interested in finding out more about Professional Indemnity cover or you wish to talk to an advisor to review your business insurance needs, contact our friendly team today to discuss your options and ensure your business has the protection it deserves.

Phil Browning
Article by
Phil is an account executive at Premierline with several years of experience in finding the right insurance solutions for various businesses, from small startups to large enterprises. He's dedicated to simplifying the insurance process for his clients and ensuring they get the coverage they need. Phil's passion lies in staying up to date with industry trends and developments, which allows him to provide valuable insights to Premierline customers. Through sharing informative content on the Premierline Insight Hub, he aims to empower clients with the knowledge they need to make informed decisions about their insurance needs.
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