CHAS Insurance has a number of special schemes for Professional Indemnity Insurance for all types of trade.
You should consider taking out a professional indemnity (pi) insurance if your business gives advice or offers a professional service to another business. Professional indemnity insurance covers you if you are deemed to be negligent or make a mistake which causes a client's business to suffer a financial loss.
For example, were an architect to make a mistake in the plans for a construction project and it is only discovered once the building work is underway and the materials have been purchased, the client would be likely to lose money through time required for re-building and the cost of wasted materials. The architect would be liable for this cost.
Types of business that often take out professional indemnity insurance include accountants, IT consultants, business consultants, journalists, architects, financial advisors, engineers and many more.
An employee accidently sends an email containing confidential information to an incorrect party. The customer sues the firm for breach of confidentiality.
The professional indemnity claim costing £35000 including legal costs was covered by the insurance policy.
A £250 excess plus the cost of loss of reputation of the firm and loss of future contracts from that customer.
In many cases your client will dictate the level of professional indemnity insurance that they require. Should this not be the case, it is always worth finding out their level of expectations with regards to professional indemnity insurance prior to taking on any work.
Details to look out for
It's always best if we can advise you in this regard by us asking a few simple questions we can ascertain which type of policy will be best suited to your business. Our extensive experience in this marketplace means that we can advise you which type of policy is suitable for your particular industry, we can go through the process with you and ensure that you can have a policy that is best suited to your business.
CHAS Insurance scour the insurance market to identify specialist schemes that offer the right cover to our customers. We can offer you professional indemnity insurance suited to your business type at a price what will often surprise you.
With access to both the Composite Insurance Market and Lloyds of London, CHAS Insurance work hard to find our customers the right professional indemnity insurance at the right price. With flexible professional indemnity cover for every business sector, CHAS Insurance can help provide you with comprehensive, cost effective professional indemnity insurance, whatever your trade or industry.
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