These days, there are quite a few different types of insurance available for businesses. One policy you may not have heard of exist is professional indemnity insurance, but this is actually one of the most important. This is because it is designed to cover potentially expensive legal cases and lawsuits affecting your business.
Any type of company which has customers or clients can benefit from having a professional indemnity insurance policy in place, but what it is really designed for are companies which sell specific skills and offer advice to their clients and customers.
Any type of company which has customers or clients can benefit from having a professional indemnity insurance policy in place, but what it is really designed for are companies which sell specific skills and offer advice to their clients and customers.
An example of the kind of business which needs professional indemnity insurance, and in fact, is legally required to take out a policy, is a solicitors firm. As lawyers and solicitors are in the business of giving out advice to their clients, they need to have protection in place for situations which may occur when their advice goes wrong. A client could lose money because of it or make a bad business choice, and they may choose to sue the solicitor for giving bad advice.
Other professions which are legally required to have professional indemnity insurance cover are accountants, mortgage intermediaries, architects, financial advisers and insurance brokers themselves.
Professional indemnity insurance covers a wide range of different things. For example, it covers negligence, fraud committed by anyone within the business, loss of important documents, breach of contract, libel and defamation and civil liability. It also covers infringement of copyright, patent infringement or any other kind of trademark infringement, whether intentional or unintentional.
If you aren't sure whether your business needs to take out professional indemnity insurance, think about whether there is even the smallest chance that one of your company's customers or clients could decide to sue you for loss or damage. To protect the business, speak to a business insurance expert about getting professional indemnity cover right away.<
Other professions which are legally required to have professional indemnity insurance cover are accountants, mortgage intermediaries, architects, financial advisers and insurance brokers themselves.
Professional indemnity insurance covers a wide range of different things. For example, it covers negligence, fraud committed by anyone within the business, loss of important documents, breach of contract, libel and defamation and civil liability. It also covers infringement of copyright, patent infringement or any other kind of trademark infringement, whether intentional or unintentional.
If you aren't sure whether your business needs to take out professional indemnity insurance, think about whether there is even the smallest chance that one of your company's customers or clients could decide to sue you for loss or damage. To protect the business, speak to a business insurance expert about getting professional indemnity cover right away.<
Professional indemnity insurance covers a wide range of different things. For example, it covers negligence, fraud committed by anyone within the business, loss of important documents, breach of contract, libel and defamation and civil liability. It also covers infringement of copyright, patent infringement or any other kind of trademark infringement, whether intentional or unintentional.
If you aren't sure whether your business needs to take out professional indemnity insurance, think about whether there is even the smallest chance that one of your company's customers or clients could decide to sue you for loss or damage. To protect the business, speak to a business insurance expert about getting professional indemnity cover right away.
About the Author:
If you aren't sure whether your business needs to take out professional indemnity insurance, think about whether there is even the smallest chance that one of your company's customers or clients could decide to sue you for loss or damage. To protect the business, speak to a business insurance expert about getting professional indemnity cover right away.
About the Author:
Darren Tate is a widely respected writer who has been writing for 5 over years often writes on Professional Indemnity Insurance Website and a wide range of other subjects.