Commercial Plan Insurance
Professional Indemnity Insurance
Who requires professional indemnity insurance?
What will I be covered for?
Can you provide an example of how a claim could arise?
Is it worth the expense?
What happens if I stop trading?
How can I minimize claims?
If you are in the business of selling your knowledge or skills, you may want to consider taking out professional indemnity insurance.
Most professionals carry professional indemnity insurance. If you are a lawyer, accountant or financial adviser, then you must have professional indemnity insurance. Professionals such as architects, consultants and designers often opt for such cover as well.
For you low cost professional indemnity insurancequotation call Commercial Plan Insuranceon 0844 576 5756.
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Professional indemnity insuranceprotects your business against compensation sought by a client if you have made mistakes or are found to have been negligent. professional indemnity insurance will also cover any legal costs.
Professional indemnity insurance policies can also be extended to include cover for breach of copyright/patent, breach of confidentiality, libel and slander.
When you take a professional indemnity insurance policy out for the first time the Insurer will usually exclude claims arising out of work carried out before the policy begins. Policies can usually be extended to include this past cover.
For you low cost professional indemnity insurancequotation call Commercial Plan Insuranceon 0844 576 5756.
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For instance a marketing company sent out leaflets for a national advertising campaign displaying an incorrect telephone number. As a result the company’s client subsequently suffered a significant financial loss. The claimant was awarded £35,000 in compensation.
For you low cost professional indemnity insurancequotation call Commercial Plan Insuranceon 0844 576 5756.
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That depends on how much you value your peace of mind. Professional indemnity insurance. is a relative small business cost that could save you thousands.
For you low cost professional indemnity insurancequotation call Commercial Plan Insuranceon 0844 576 5756.
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One important aspect to bear in mind when considering professional indemnity insurance is that, because there can often be a long delay between an event and a subsequent claim, you need to be covered both at the time of the event and when the claim is made.
This means that if you plan to cancel your policy when you close your business or retire you may need to arrange "run off" cover for a period of time afterwards.
Also, if you plan to change insurers, you will either need to arrange run off cover or get agreement from your new insurer to accept new claims for prior incidents.
For you low cost professional indemnity insurancequotation call Commercial Plan Insuranceon 0844 576 5756.
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One way is to make sure projects are well documented. Ensure that you set out specific responsibilities in your contracts with clients beforehand and deal with complaints promptly. As professional indemnity insurance is a specialist area of insurance you should take advice on claims from a suitably experienced insurance broker.
At Commercial Plan Insurance we have over two decades experience in arranging commercial insurance policies. When you need professional indemnity insurance it makes sense to deal with a commercial insurance specialist.
For you low cost professional indemnity insurancequotation call Commercial Plan Insuranceon 0844 576 5756.
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