Information on Professional Indemnity Insurance

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Professional indemnity insurance is a type of insurance that covers your business against potential incurred losses from having provided services that resulted in dissatisfied clients. This could be due to negligence from your business including unsatisfactory service you or any of your employees have provided that resulted in financial loss to the clients and intellectual property infringement such as loss or damaged data. You also need to inform yourself about the details of cover. The insurance will cover the costs incurred most of the time including legal costs from the lawsuit that is filed against you by your client.

Next, those who may require this type of insurance are health care or medical professionals, doctors, writers, investment bankers or private bankers, financial advisors, accountants, engineers and architects, or in short those who are in the professional service industry.

From professional indemnity insurance, you can actually get various benefits. The business of yours is covered against lawsuits and losses incurred because of negligence from your or your employees’ side. It’s hard to monitor your employees daily so this type of insurance can actually prove to be useful. You may still be held responsible for any legal rights towards your client even when you have completed the service several years back.

Also you need to keep in mind that professional indemnity insurance covers are usually based on the claims made. Have your old or previous insurer to arrange a new claims cover together upon your business closing or your retirement. It may be the case that they may not cover you for this but it’s worth enquiring for. You may need to sign a detailed service agreement. Outline the duties and responsibilities that you will be held accountable for towards the client and the coverage of their insurance.

There are plenty of insurers around if you are not happy with your past one and who can provide you with such a product for example AXA Professional Indemnity insurance. Why not obtain a free quote today?

Comments: 29

  1. Willy June 18, 2013 at 8:20 pm Reply

    Hi, I am planning to study B Nursing in NSW.
    I was wondering what are the requirements of maintaining a nursing license here (e.g. how many compulsory hours of nursing work must I complete per year … etc.) and when/under what circumstances will the nursing license expire and I cannot work as a nurse.
    Thanks

  2. Latia July 10, 2013 at 7:08 am Reply

    I have a masters in architecture but have not yet got my riba qualifications. I was wanting to draw up house extensions and simple projects for people in the holidays without getting a proper job. If it falls down will they sue me?

  3. Fidel August 6, 2013 at 3:13 am Reply

    Where has this site GONE? It is a public service that is very much needed. Unsuspecting mugs need warning, otherwise they run the risk of being robbed blind by this crooked trade.

    Has the oldboys network been kicked into action and had the site blocked?

    Remember this trade care little for truth and free speech particulary if its going to get in the way of their profits.

    Vote now to end this censorship and truth exposure, your life savings could depend on it.

    Lobby your MP or for that matter every MP in the country make sure they know we wont put up with this censorship, use the mensaid web site here you can write to your own MP or better every MP in the Uk all at once.

    Remember there is no point thinking you can complain later if things dont pan out as promised by the lawyer, once they have you trapped, that it. There is no effective way to complain about lawyers it is a closed shop that head nowhere.

    Check out the many websites concerning the failures of the LSC.

  4. Gale August 15, 2013 at 8:15 am Reply

    what are business owners looking for in a bookkeeper? Is there anything that would make you switch for your current bookkeeper. Whether it be logmein services, cheaper prices, nice personality, easy to use site. Anything at all …..thank you!

  5. Devora October 28, 2013 at 5:04 pm Reply

    The chiropractor I work for is charging patients with no insurance or high deductibles 25 a visit, 100 a month or $250 a month depending on the care level but he is still billing insurance and keeping the payment. He says there plan covers there copays but he is picking and choosing who he wants to apply this to,it just feels fishy!!! Is this legal? were can I find information on these acts?

  6. Leonel November 6, 2013 at 4:04 am Reply

    Setting up a dating agency on line

  7. Gayle November 14, 2013 at 7:44 pm Reply

    I am about to take my exam to become a football players’ agent. Does anyone know where I can get professional indemnity insurance cover which FIFA require me to have after passing so I can start working as an agent?

    I am based in the UK.

    Thanks!

  8. Suk December 11, 2013 at 6:10 pm Reply

    My partner is an electrician and has all the relevant qualifications and has been working in the industry employed by companies for the last 6 years. He is hoping to get off-shore soon which will mean he has 2 weeks off-shore and 3 weeks on-shore with time on his hands to take on other work. He wants to become self-employed so he can work for himself during the time he has on-shore as this makes sence.
    We want to know what is needed to do this? Does he need to register for anything and does he need a company name etc? What about tax etc?
    We would really appreciate some help from someone in the industry who has gone self-employed and knows all the ins and outs of doing it. All details no matter how minor would me helpful as we want everything to be covered.
    Thanks.

  9. Ai December 15, 2013 at 3:38 am Reply

    i have had an accident, and the other person is trying to claim off me. i went through a broker, and they and my insurance company are denying knowledge of my policy or car registration. i have a copy of my policy and receipt for payment in full of my policy.
    can i sue them and stand any chance of reclaiming my money and compensation for time and stress.
    i have had an accident, and the other person is trying to claim off me. i went through a broker, and they and my insurance company are denying knowledge of my policy or car registration. i have a copy of my policy and receipt for payment in full of my policy.
    can i sue them and stand any chance of reclaiming my money and compensation for time and stress.
    ok, bit more info.
    Police have seen my policy, got stopped, as i was coming up with no insurance.
    i have Full Documentation of my Policy, Certificate of Motor Insurance etc.
    my car is under MoT. and my policy runs out January 2008. and finally i am in Shropshire, England.
    Thank you for the answers so far.
    hey, Jonathon H, sorry cant find what you meant on that site

  10. Lu January 1, 2014 at 1:56 pm Reply

    I am thinking of starting up my own cleaning business here in the UK but have a couple of questions first:

    1. What type of insurance do I need?
    2. How do I know if a name for my business is already taken and how do I register mine?
    3. Do i need to register with the council or anything like that?

    Thanks for your help!

  11. Joycelyn January 20, 2014 at 9:50 pm Reply

    I bought a home on bad advice, the roof needs to be replaced, there is a room in the back that has no insulation and I have found vermin in the walls. I was able to kill the rodents and bugs and clean up but now there is drywall to replace and I can’t aford any of it, is there some way to get help? On top of all this I am a student, have two children, and the problems with the house have made the gas and electric bill go up to $400 a month which I totally can’t afford. I am so in need of guidance. Thanks.

  12. Meagan January 29, 2014 at 7:20 am Reply

    I’ve decided to start the new year as an independent contractor/consultant and I need to get Professional Indemnity Insurance for my business. Can anyone recommend an insurer? Plus do you have to be a company or can you be a Sole Trader in the Australian market?

  13. Berneice February 22, 2014 at 2:41 am Reply

    I am a software engineer in Australia, considering switching from permanent full-time work to full-time sub-contract work developing software. I’ve heard that people working for themselves in the building trade or in medical professions need to pay a stack of insurance. Would the same be true in software development? Would I even need professional indemnity insurance?

    I have done sub-contract software development before, and I didn’t even know about any need for insurance?!?!? Was I just lucky, or is there really no need for it in my industry?

    Thanks

    PS. I work at a senior level, doing quotes, business analysis, high level design and organising software teams. I would be working for just 1 company at a time, either the client or a personnel agency, with each contract position usually running from 3 months to 2 years. I wouldn’t have my own company, so the relationship is not much different from a casual employee relationship.

  14. Tierra February 22, 2014 at 3:33 am Reply

    This is for a marketing assignment.

    The business is a small gardening and cooking school for children. There are about 8 staff and activities should be pretty safe, since they’re aimed at young people. The business is just starting out. What the instructions mention is:

    1.property damage
    2. public liability
    3. vehicle
    4. theft
    5. personal disability
    6. professional indemnity

    Kids hire their own bus to come here and staff ust use their own cars to go to and from work, so does the vehicle thing need to be included? The building is just a suburban rental property that costs us $400 rent each week. Also, this is just a minor part of the assignment, so a guess is fine. Thanks for any help!

  15. Sophie February 22, 2014 at 3:44 am Reply

    Im looking to purchase professional indemnity insurance for my web design firm. Who is the best provider? What is the best quote? What sort of costs should I be paying?

    Also if we move into Internet consultancy will these insurances cover this?

    And finally, what other insurance is required for this kind of business?

    Thanks.
    UK only please.

  16. Domingo February 22, 2014 at 7:09 am Reply

    im starting up a gardening and landscaping company with three employees including myself. i will be working out of a rented office as i cant work from home. i need claifacation on what types of insurance i need and how much they cost per annum.

    please help. also any tips in this field would be greatly appreciated

  17. Sonja February 22, 2014 at 7:40 am Reply

    is it possible to buy insurance for my t4i and 18-135 stm lens after i bought it?
    When I bought it I forgot to buy the insurance I bought it through B&H and it should be ariving soon.
    I want to be capable of having insurance to see if like anything happens to my camera and the lens. For ex, if it breaks or if it gets stolen I can get a new one or something.

  18. Sherwood February 22, 2014 at 7:47 am Reply

    I am designing and selling websites at £1000 each, and £20 per month thereafter.
    I need to make an agreement, can anyone tell me what points i will need to cover in the agreement.
    And don’t say go to a solicitor, because i do not have enough cash to pay their fees.

  19. Vince February 25, 2014 at 10:57 am Reply

    Are they liable to be sued for their actions in court and if so why?

    Thankyou

  20. Hiram March 12, 2014 at 9:51 pm Reply

    I have tried looking on the internet for help but don’t get any straight forward answers, at least none that relate to the UK. I also would like to know any other legal requirements, such as insurances and is it actually legal to charge people for tattooes when doing them from home, even if you do your own tax returns and what not with the tax man?

  21. Denver March 15, 2014 at 6:30 pm Reply

    Dear All,

    My contract has a clause, which in my eyes is very problematic and unbenefitial. I see a need of buying an indemnity insurance, but my line manager and the company are trying to persuade not to do so. I am a prospect insurance consultant. You can see the clause below. Please, could you advice me?

    “If any lawsuit, claim, allegation or regulatory investigation is brought against the Company as a result of any unauthorised or negligent action, omission or statement of the Consultant, the Consultant will indemnify the Company against all costs and damages incurred by the Company or any other Company in the Group of whatever nature in connection with such lawsuit claim, allegation or regulatory investigation.”

    Big thanks for any help!

  22. Chas March 19, 2014 at 2:24 pm Reply

    I went to a tattooist last year march 2010. He told me he was fully qualified and had insurance. As he was a friend i didn’t think of any reasons to think he would be lying. He done a flower on my left shoulder. Not even a week after having the tattoo (which wasn’t even finished) i had several boils appear overnight only around the site of the tattoo. I have never had this infection before. I was put on two different types of antibiotics to treat the infection. I found out a few weeks later that my friend (the tattooist) also had boils at the time of tattooing me from his girlfriend. I did NOT know this at the time i went to him for a tattoo. There are (to my knowledge) 2 other people who mysteriously contracted boils from their tattoo which has resulted in scarring. He refuses to acknowledge any fault in causing me this infection. I now at this current stage have 9 hypertrophic scars left from where i had the boils. The tattoo itself is barely visible. I have taken a court action for damages against him. Can anybody tell me what they think about this? Do i have strong grounds to take legal action? I have been told that he is not qualified or legally performing tattoos but is not bothered by the infections he is causing people. He has been officially warned by the local council to stop tattooing but he may still be secretly i dont know.
    I know he has no insurance, no solicitor, and no documents of any kind now. My Lawyers have been messaging him constantly for 4 documents inc health and safety, his licence, qualifications and insurance to which he has not bothered responding until recently (still with no documents;which he claims to not have any of). This is a cival court case for damages.

  23. Randolph March 24, 2014 at 4:29 pm Reply

    I have recently started doing photography professionally! Nothing too fancy but getting some shoots here and there! I am thinking to upgrade my gear. I am getting a nikon d7000 and a 50mm prime lens! I am confused to either get the 18-105mm kit lens or spend a few 100s more and buy some 18-200mm! I dont have much funds right now to buy 70-200mm or even 70-300! I know that i need a flash, will be buying that later! Please Help!!! I do outdoor family shoots, kids, newborn, occasions and possibly some weddings!!!

    I am looking for nice bokeh and blurred backgrounds! Since i mostly shoot people need focused, crisp photos !!

  24. Nilsa March 25, 2014 at 2:28 pm Reply

    I know what a broker is but don’t know what an insurance broker is and wondered if anyone knew what it kind of job it is and what requirments you need to become one? Thanks.

  25. Luciano March 31, 2014 at 12:49 pm Reply

    What types of insurance should somebody with their own business consider?
    Income Protection, Life, Professional Indemnity, tools & equipment, sickness & accident, health…??

    Thanks.

  26. Mary April 2, 2014 at 5:56 pm Reply

    Me and my friend are looking into setting up our own building and property maintenance business and really need to know what are the main aspects of this, we are both time served in the building trade so its not how to do the job but how to run this sort of business, for example is there any rules or regulations of such we need to be aware of , what sort of insurances and registering the business.

  27. Annice April 4, 2014 at 1:36 pm Reply

    I am working for a real estate developer. We recently hired an engineering consultancy firm who has in effect a global Professional Indemnity Insurance policy (PII) covering their projects in general.

    My question is whether we need to ask them to have their policy endorsed so as we make sure that our project is specifically covered under the policy (i.e. recognized by the insurance company) ? or shall we assume that our project will be automatically covered since they already have a valid global policy?

    Please advise…

    Many thanks,
    Austin

  28. Ardath April 19, 2014 at 12:25 pm Reply

    where I have a LTD business and have problems with a purchaser of my service

  29. Errol June 8, 2014 at 1:30 pm Reply

    Hi,
    Can anyone recommend good types of insurance for a Freelance Illustrator/Designer and more importantly places where I can find a good deal on suitable insurance.

    I’ve been told Professional Indemnity Insurance and Public Liability Insurance would be good get quotes. I’ve look on the usual price comparison sites and not found anything suitable.

    All help much appreciated.

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