Protect yourself with Professional Indemnity Insurance
If you’re in the business of giving advice or offering professional services, the impact of making a mistake can impact your business, your
brand and your reputation.
Professional Indemnity Insurance explained
In the unfortunate event a mistake happens, and a claim for professional negligence or incorrect advice is brought against you, Professional Indemnity Insurance, which is commonly referred to as PI Insurance,
can help pay for any compensation costs and legal fees that may arise.
Here at Swinton Business, we can help find Professional Indemnity Insurance for different trades, from accountants to marketing consultants, by making sure we take the time to understand the specific needs of your business.
What’s covered by PI Insurance?
Having PI Insurance can provide cover for:
- Professional negligence or breach of professional duty (for example, if the advice you give leads to a client suffering a financial loss)
- Loss of documents or data
- Unintentional breach of copyright and/or confidentiality
- Libel or slander
- Loss of goods or money (your own or money you are responsible for)
How Swinton Business can help
- Various cover levels available dependant on your occupation and requirements of your business
- A range of trades or professions can be catered for
- Liability and other covers available to cater for all business insurance requirements
Why choose Swinton Business for Professional Indemnity Insurance?
- Cover available for a wide range of small to medium businesses
- We’ll do all the hard work for you and provide you with a policy to suit your needs
Do I need PI Insurance?
Without Professional Indemnity Insurance, handling a claim wouldn’t just be a financial concern – it would also be disruptive to your wider business, and, in some cases, stop it from running effectively.
Would my employees be covered under this policy?
Yes – Professional Indemnity Insurance can offer cover for:
- Those you employ through a contract
- An apprentice
- Someone who is supplied by a contact hire company or agency
Talk to us to make sure that we can arrange the right cover for you.
What types of claims can this insurance cover?
Here are some examples of the claims we have dealt with at Swinton Business:
- An architect was sued by his client for the costs of rectifying an extension built from a flawed design. Insurer paid £22,500.
- A logistics company was sued by a competitor for copyright infringement and intellectual property theft relating to their business model and their website. Insurer paid £170,000.
- An IT consultancy’s web hosting partner company was hacked, resulting in the consultancy’s clients’ websites being offline for a day. The consultancy was sued for loss of business by a client. Insurer paid £3,200.
- A marketing agency omitted a digit from a client’s phone number and left out their web address in a printed advert. A commercial decision was made to reprint the advert at the agency’s cost. Insurer paid £21,995.
Do I need Professional Indemnity Insurance and Public Liability Insurance?
Public Liability Insurance can protect you against claims made by members of the public who have suffered injuries or damage because of your business.
At Swinton Business, we have experience arranging Public Liability Insurance for all different types of businesses in various sectors. You can arrange both Professional Indemnity Insurance and Public Liability Insurance at the same time – just speak to one of our team.
Do I need Professional Indemnity Insurance and Employers’ Liability Insurance?
Having Employers’ liability Insurance in the UK is a legal requirement for the majority of businesses that employ staff, whether on a permanent or temporary basis.
Should an employee be injured or become ill as a result of working for you, Employers’ Liability Insurance will help cover the costs of compensation and legal fees that arise as a result of a claim.
Our team can help you arrange PI Insurance and Employers’ Liability Insurance at the same time, for a range of businesses across the UK.
What is the cost of Professional Indemnity Insurance?As with most insurance policies, the cost of Professional Indemnity Insurance varies, depending on the nature of your business and the level of risk involved.
While Swinton Business’s PI Insurance will cover you for a range of eventualities, we will only be able to provide you with an accurate quote once we have learnt more about your specific business.