Professional Indemnity
Insurance
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What is Professional Indemnity?
Professional Indemnity Insurance is a protection for you covering
your defence costs and any resulting damages awarded against you resulting from
claims of ‘negligence’ made against you by a dissatisfied customer.
It is worth remembering that this insurance will cover you even if the allegations
made against you are false.
In today’s world any provider of professional services, particularly those with
limited company status, can be exposed to claims alleging negligence.
In addition to the above, this policy provides cover for claims made against you
resulting from:-
- Loss of data
- Dishonesty of your employees
- Breach of contract resulting from any neglect, error or omission
- Unintentional breach or infringement or unauthorised use of intellectual property
- Libel and slander
NB: Professional Indemnity Insurance does not provide cover for
third party damage or injury caused as a result of your negligence. Please refer
to Public Liability for this cover.
What is Public Liability?
Public Liability insurance offers protection for you against your liability for
causing accidental bodily injury to third persons or damage to third party property
in the course of your business activities.
This is particularly important if you work at customers’ sites or your have visitors
to your own offices.
In addition to the above, this policy provides cover for claims made against you
resulting from accidental injury to any person or accidental loss of or damage to
property caused by goods supplied or installed by you in the course of your business.
NB: Public Liability does not provide cover for damages awarded as a result of your
negligence. Please refer to Professional Indemnity for this cover.
What is Serious Injury cover?
Serious Injury cover pays an amount of money if you are suffer a permanent serious
injury in an accident. The amount payable is based on an assessment of the degree
of injury by an independent medical examiner, with set percentages payable for certain
defined injuries.
The maximum amount payable under this Policy is £125,000. Cover operates 24 hours
a day, anywhere in the world.
As an example, if you lost your sight, or the use of your hands, in an accident,
this would have a significant impact on your ability to work. The money payable
from a claim under this Section could help you either invest in the tools and technology
to allow you to continue with the work you currently do, or fund any appropriate
re-training you might choose. It could also contribute to any modifications you
might require to your car or house to maintain your lifestyle.