Why Professional Indemnity Insurance is Important!
Professional indemnity insurance protects your legal liability against a third party claiming against you for financial loss incurred due to your neglect, error or omission.
This covers your legal liability for any civil liability arising from your professional services in connection with your business.
- Indemnity to principals
- Automatic acquisitions
- Compensation for court attendance directors
- Public Relations Crisis Management. Covering your costs in using public relations specialist to deal with adverse press, publicity or media attention within the United Kingdom following:
- The allegation that you have committed a wrongful act
- Your successful defence of an allegation of a wrongful act
- Where there is a risk to your business as a consequence of such attention
If you provide a professional service to other businesses, or sell your skills or knowledge, it is important to have adequate cover in place, protecting you against all eventualities.
Professional indemnity insurance offers protection if you make a mistake or you are negligent, resulting in your client making a financial loss and claiming against you.
The Link Insure team are highly experienced in arranging professional indemnity for all types of business, and can advise on the level of cover that is best for you. Typically, this type of insurance is taken out by professionals such as architects, accountants, IT consultants, journalists, business consultants, engineers, and construction consultants.
Should you retire or close your business, it is a good idea to keep this cover in place as your liability for the services you have supplied carries on for some time and there may be a delay before a claim is made.
We will be happy to advise on your legal liability and ensure adequate protection is in place.
Does your PI cover EXCLUDE Fire Safety?
Benefits include:
- Cladding and Fire Safety cover for contracts commenced post-2018, not limited to direct losses
- Dishonest acts
Benefits could include dependant on risk:
- Civil Liability wording as standard
- Fee Recovery extension
- Loss of documents (replacement and liability)
- Mitigation costs
- Collateral warranty vetting service
- Data protection defence costs
- Fidelity (including directors holding <15%)
- Official investigations defence costs
- Automatic acquisitions of other entities
- A rated capacity
Building Regulations and Fire Safety.
In direct response to the review of the Building Regulations and Fire Safety following the Grenfell Tower Tragedy, the government passed the 2018 Amendment Regulations.
The 2018 Amendment Regulations came into force on 21st December 2018 and introduced significant changes, notably, banning the use of combustible materials in the external walls of buildings (subject to some specific exemptions).
