Professional Indemnity Insurance
Protect Your Expertise with Professional Indemnity Insurance *
As a professional, your advice and services are your livelihood. Protect them with professional indemnity insurance that shields your business from claims of negligence or breach of duty arising from an act, error or omission in providing your professional services or advice.
What Is Professional Indemnity Insurance? *
Professional indemnity insurance is designed to protect your business against allegations that your professional services have caused a financial loss to your clients. Professional indemnity insurance may include cover for legal fees incurred, defamation, intellectual property infringement and public relation expenses. Depending on the policy there are different extensions of cover that professional indemnity policies may have
Many Business Owners are UNSURE if they are COVERED PROPERLY.
We help them find affordable and SUITABLE INSURANCE so they can run their business with CONFIDENCE.*
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Who May Need Professional Liability Insurance? *
If your business is charging a fee for your advice or professional services, then you may require professional indemnity insurance. These businesses may include but are not limited to:
- Accountants, bookkeepers, tax agents
- Lawyers
- Consultants – management consultants, environmental consultants, business consultants or even life coaches.
- Graphic designers, interior designers, architects and engineers
- Real estate agents
- Human resource professionals
- Marketing and Advertising agencies
What’s not covered by Professional Indemnity Insurance? *
Some common exclusions you should look out for on professional indemnity policies include:
- Cyber risk – most professional indemnity insurance policies have a cyber exclusion, unless a cyber extension of cover is granted.
- Bodily injury and third-party property damage
- Previously known claims or circumstances
- USA/Canada – most insurers exclude cover for the USA/Canada, unless you have requested this specific coverage. If you are offering services to the USA/Canada, it’s important that you tell your broker so they can arrange a professional indemnity policy that covers these activities.
- Directors and Officers Liability
*This list is not exhaustive, and you should talk to your dedicated broker.
How Much Is Professional Indemnity Insurance? *
The cost of professional indemnity insurance depends on several factors, such as:
- The nature of your profession and associated risks.
- Scope of work and contracts
- Size of business – turnover, employee numbers
- Your claims history
- The level of coverage you select.
Every profession and business is unique. Our team can help you explore suitable options to meet your needs.
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Professional Indemnity vs. Public Liability: What’s the Difference? *
Professional Indemnity and Public Liability Insurance are both designed to protect your business from third-party claims. The main difference is outlined below.
- Professional Indemnity Insurance: Designed to cover claims arising from errors or omissions when providing your professional services, resulting in financial losses to your clients.
- Public Liability Insurance: Designed to cover third-party injury or third-party property claims, arising from your business activities.
For example, a marketing agency should consider professional indemnity insurance to protect them for claims arising due to an error in their marketing advice given, causing financial losses to their clients. However, they also should consider public liability insurance in the event they are arranging photo shoots for clients and there is an injury on site, or for slips/trips and falls which could occur in their premise.
Why Choose Smart Business Insurance? *
Choosing the right insurer matters. Here’s why you may want to partner with us:
- Industry Expertise: We understand the unique needs of your profession.
- Suitable Coverage: Policies that meet your needs and cover your business suitably.
- Claims Support: Dedicated claims assistance when you need it most.
Join countless professionals who trust us to protect their businesses.
Take the Next Step *
Don’t let unexpected claims put your career or business at risk. Protect what matters with professional indemnity insurance.
