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Professional Indemnity Insurance

Professional Indemnity Insurance - Click for a QuoteIf you are in the business of selling your knowledge or skills you should take out Professional Indemnity Insurance from Henderson Insurance.

Professional Indemnity Insurance Cover from Henderson Insurance Professional Indemnity Insurance cover is a regulatory requirement for many professions or compulsory as part of their professional authorisation. These include:

  • Solicitors
  • Accountants
  • Architects
  • Mortgage Intermediaries
  • Insurance Brokers
  • Financial Advisers.

Many consultants, I.T. firms, web designers, advertising and PR agencies, and designers also choose to have this type of insurance.

Professional Indemnity Insurance offers financial protection for your business to pay compensation in the event of a claim against the business for loss or damage made by a client or third party if you make mistakes, errors or omissions, give poor advice or are found to have been negligent in some or all of the services you provided.

Professional Indemnity Insurance also covers legal costs and expenses in defending a claim.

Professional Indemnity Insurance Cover available from Henderson Insurance An important aspect to bear in mind when considering Professional Indemnity Insurance is that cover is usually on a claims-made basis. This means that the policy will only cover claims that are made while the policy is 'live'.

So, if you plan to cancel your policy when you close your business or retire, you may need to arrange 'run-off' cover for a period of time afterwards.

Also, if you plan to change insurers, you will either need to arrange run-off cover or get agreement from your new insurer to accept new claims for previous incidents, known as a retroactive date.

One way to minimise such claims is to make sure projects are well documented. Ensure that you set out specific responsibilities in your contracts with clients beforehand and deal with complaints promptly.

Professional Indemnity Insurance - Click for a Quote As this is a specialist area of insurance taking advice from a suitably experienced insurance broker like Henderson Insurance is paramount. Click for your Professional Indemnity quote or contact us today for further information.