Professional Indemnity Insurance

Do you give advice or offer consultancy services in a professional capacity? Are you considered an expert by your clients? If the answer is yes, you may require professional indemnity insurance to protect you; in today's increasingly litigious society many clients will not hesitate to sue you if they believe that they have suffered a loss as a result of poor advice you have provided.

Traditionally Accountants, Surveyors, Engineers, Solicitors and Architects are professions that would take out Professional Indemnity Insurance. However, businesses’ increasing use of external consultants and others’ services means that more businesses should consider their risks.

A 'professional' is now generally regarded as any person who offers 'specialist advice or services'. This definition can include IT Consultants, Insurance Brokers, Graphic/Interior Designers, Marketing Consultants, Management Consultants and Business Consultants.

Here are some of the things that could give rise to a claim against your business and for which you could be covered by professional indemnity insurance:

• Negligence or breach of duty of care
• Infringement of copyright and intellectual property rights
• Libel and slander
• Loss of or damage to documents or data belonging to your clients
• Dishonesty of your employees

The risks you are most likely to face depend on the nature of your business.

Even the most reputable companies can find themselves in a dispute with a client over a mistake. Can you afford to take any chances with the business you have worked hard to build?

Contact a CherryPicked Insurance Broker now to get advice on these risks and to arrange insurance cover for yourself.

Last reviewed 01/2010

To talk to an expert in your area and get a quote, contact your local insurance broker.