- Compensation awards
- Legal costs due to negligence
- Cost of damages or correcting your actions
- Alleged wrongful advice
- Error or omission
If you’ve reached professional status, you’ll be in a position where you feel confident in offering your clients good advice.
If a misjudgement or mistake on your part means that the advice you have given in fact falls below par, to the extent that your client loses out personally or financially, then you could a problem on your hands. This is, unless you have a professional indemnity policy in place.
Cover your advice
Even if you are resolute in your advice, you have to be prepared for the fact that one of your clients may think otherwise, whether you are a consultant, having drawn up architectural plans, or offered legal advice. Sometimes this will be a clear cut scenario, one in which you are more than happy to compensate for. Other times the origin of blame can be a little murky, in which case you will still need to pay for defence costs.
What is Professional Indemnity Insurance?
Whichever is true, professional indemnity Insurance is designed for such times where your service is questioned so you can better manage the situation and continue your work unperturbed by any financial uncertainty which may otherwise lie ahead. It covers defence costs concerning alleged wrongful advice, errors or omission.
Identifying your professional scope
Before the commercial team at Shearwater can work on pulling together all the right elements for your professional indemnity policy, we first need to establish just how much a claim would impact on your finances so we can adjust the indemnity limit accordingly.
Use our online form to request a quote now. Otherwise call our team on 01992 707316 for a chat about your insurance needs