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At PJ Insurance, we’re committed to securing the right cover at the right price for you.
With access to a wide range of insurance providers, we do the hard work of comparing policies so you don’t have to. Our extensive knowledge across all areas of insurance means you’ll receive expert guidance and support at every stage.
Professional Indemnity Insurance is essential protection for businesses that offer professional advice or services.
It covers your legal liability to third parties for injury, loss, or damage caused by professional negligence — whether by you or your employees.
This type of insurance helps shield your business from financially damaging and potentially reputation-harming claims brought by dissatisfied clients. Even the most experienced and reputable firms can face disputes over simple mistakes.
Here are some of the common risk areas your business might face:
Negligence – a failure to exercise reasonable care in your work
Intellectual Property – unintentionally infringing on someone’s copyright, trademarks, or other protected material
Loss of Documents or Data – client information that is lost, stolen, or damaged
Dishonesty – liability for theft or fraudulent acts committed by employees involving client funds
Albert Einstein
You’re good at what you do and have confidence in the quality of your work. So why do you need professional indemnity insurance? The reality is that any small business providing a professional service that can be challenged is vulnerable to a claim of negligence when the advice or service fails to meet a client’s expectations. From allegations of a breach of copyright to accusations of defamation, these kinds of claims can be costly and disruptive regardless of whether they’re fair or not.
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Professional Indemnity Insurance offers vital protection for businesses that provide advice or professional services.
It covers you if a client brings a claim due to a mistake in the work you’ve carried out. If the situation escalates, your insurer can manage your legal defence — even up to High Court level. Should the case go against you, the policy will cover any compensation awarded, up to the limit of your cover.
This insurance can also help by covering the cost of correcting your error before it leads to a larger claim. Additionally, you’re protected if a client’s documents are lost or damaged, or if an employee is involved in the theft of a client’s money.
PJ Insurance Services can save you time and money on your professional indemnity insurance. We compare the professional indemnity insurance policies of all the main commercial insurance companies to find you the right cover at the right price.
The amount of cover your small business needs depends entirely on the type of services it provides, so there is no general rule of thumb for how much cover your business will need. You know your business best and the sort of exposure it faces.
When deciding on the amount of Professional Indemnity cover to have you should consider the value of the work you are doing for your clients and the potential financial impact on them should it go wrong. Other than that, it’s advisable to buy as much cover as you can afford.
Sometimes your client will set a minimum limit of the indemnity they require before you can work with them. This can depend on the specific nature of the services you’ve been contracted to provide, or they could have a set limit for all their service providers. Many UK government departments for example will require their contractors and consultants to have at least £5 million of cover.
It is also worth considering taking retroactive cover for work that you’ve already completed before the policy commences. This means that your professional indemnity insurance policy will cover you for any claims arising out of work you completed in the past. You will be given the option of taking out retroactive cover when you get your professional indemnity insurance quote.
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