PROFESSIONAL INDEMNITY INSURANCE
What is professional indemnity insurance?
Professional indemnity insurance (unlike public liability) covers you against an alleged financial loss following your professional services such as design, advice or specification that you have provided.
You may feel confident in the quality of your work, but any business is exposed to a claim of negligence when professional advice or services fail to meet a client’s expectations. That is where professional indemnity insurance comes in.
There are many trades and professions that will require professional indemnity insurance from the traditional professions such as accountants, engineers and architects to the newer emerging professions such as contractors, health and safety, media, IT, recruitment and charities.
Whatever your trade or profession G3 Insure will be able to help.
What you need to know about professional indemnity insurance?
Dealing with an allegation against your professional services is a very distracting and upsetting time. Affter all, nobody likes to make mistakes but unfortunately sometimes they happen.
For a professional indemnity claim to there are a couple of things you need to know.
1. It is on a claims-made basis i.e. it is your insurance company at the time that the allegation is made that will respond.
2. Retroactive date – this is the date that you first took out professional indemnity insurance. Any allegations made before this date will not be covered. Therefore, it is essential that if you switch your professional indemnity insurer you make them aware of your retroactive date so that they can provide the same historic cover.
3. Notification - you need to advise your broker/insurer as soon as you are aware of a possible incident that may lead to a claim.
So if you want to make sure that your professional indemnity insurance measures up then give G3 Insure a call on 01829 771411 or fill in the form on the contact page.
By its very nature it can be a very expensive process to successfully defend or settle a claim successfully. By having professional indemnity insurance you are protecting your company from potentially large legal bills and awards.”
G3 Insure professional indemnity insurance