A business, organisation or self-employed professional is legally liable to their clients and may face legal action if a client feels they have not been correctly treated. Defending against such claims, even if they are trivial or false can be surprisingly expensive and if you are not correctly insured you stand to lose everything, including your business and you home, should things not work out in your favour.
Not only are professionals in traditional occupations such as doctors, solicitors and accountants liable, but newer professions such as IT consultants, advertising agents and interior designs face the same risks. Even non-profit organisations are liable as it is not necessary to charge a fee to be sued for poor advice or service.
A Professional Indemnity Insurance policy from Weir Insurance equips you with the protection you need, so if there is a bump in the road, your business is not derailed. Depending on your circumstances Personal Indemnity Insurance can provide you with the following cover:
- Loss of documents or data
- Unintentional breach of copyright and/or confidentiality
- Defamation and libel
- Loss of goods or money
- Intellectual property
By covering your legal expenses in these instances, Professional Indemnity Insurance provides you with the peace of mind of knowing that, should you face a claim, your business is protected.
Professional Indemnity cover also provides some other benefits. Certain professional bodies such as the Royal Institution of Chartered Surveyors (RCIS) list holding insurance cover as a condition of membership while certain professional (such as solicitors) are required to have insurance cover by the relevant regulatory bodies. In these instances, Professional Indemnity is not only essential to protect your business – it is essential to do business full stop.
Get in touch for more information on how Personal Indemnity Insurance can support your business.
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