If you own a business you may be confused as to exactly which type of insurance policies you need to ensure your business is safe from all sorts of legal claims and damages. Business Insurance is a broad term with a few fundamental facets; just as Home Insurance has the two cornerstones of Contents and Buildings Insurance, Business Insurance incorporates such things as Public Liability, Employer Liability and the one we will focus on here: professional indemnity insurance.
If you type a term such as Business Insurance into your search engine you’ll find that the term ‘Business Insurance’ is subdivided into many different categories. Professional Indemnity Insurance is vital to anyone who provides any kind of consultancy or professional advice service. A good example may be Accountancy or Financial Services; industries where you sell knowledge and advice for the benefit of your clients.
The trouble is the information or product you are selling may at times be to the detriment of the consumer and in a world riven with legal claims and law suits you need to protect yourself against a financially ruinous charge of professional negligence.
You have a duty of care to all of your customers and if you breach this, which you can unintentionally do in a number of subtle ways, you can be left at the mercy of a compensation claim. Professional Indemnity Insurance will allow you to defend and settle a negligence claim where otherwise you may not have been able.
If you look at the levels of cover available from the Endsleigh Business Insurance ‘Professional Indemnity’ section, you’ll see that you can receive a level of cover from £50,000 to £2million – these vast figures should illustrate how important it is that you have a policy in place.
A Professional Indemnity policy can be obtained for a very reasonable cost and with insurance services you can also incorporate cover like Employers Liability and Public Liability.