Contents
Here at Todd and Cue, we offer a range of corporate insurance policies, including professional indemnity insurance. In this guide, you will find out all you need to know about professional indemnity insurance, as well as how to get a quote and cover yourself today!
What is professional indemnity insurance?
Professional indemnity insurance protects you against claims for loss or damage made by clients or third parties as a result of the impact of negligent services you provided or negligent advice you offered. Compensation claims can be brought against you even if you provided a service or offered advice for free.
Professional indemnity cover is usually offered on a claims-made basis. This means that your insurer will only cover you for claims that are brought against you during the term of your policy. If a claim is made against you after your policy has expired – even if the incident occurred while your policy was in place – you will not be covered for that claim. For example, if an incident occurred in 2011 when you had professional indemnity cover, but the client brings a claim against you in 2012 – after your policy has expired – your insurer will not cover you for that claim.
If you cancel your professional indemnity insurance, for example if you are retiring or changing professions, you should consider purchasing a run-off policy. This covers you for any new claims that are brought against you after your professional indemnity insurance has expired.
New claims can be brought against you for up to six years after an alleged negligent act occurred, so your run-off policy should cover you for this period.
If you are changing insurer, a run-off policy will protect you against new claims for incidents that occurred when you were with your previous insurer. Alternatively, your new insurer may agree to cover you for claims relating to prior incidents.
Check if your new insurer covers you for claims relating to previous incidents, or ask about buying a run-off policy!
Why do I need it?
Professional Indemnity Insurance protects your business from potentially financially crippling and often reputation damaging claims from dissatisfied clients. Even the most respectable of companies can find themselves in dispute with clients over a claim resulting from bad or negligent advice or services.
If you offer your knowledge, skills or advice as part of your profession – either as a self-employed individual or for a company – you should consider taking out professional indemnity insurance.
Who needs it?
Some professions are required to have professional indemnity insurance by their professional bodies or regulators, this includes…
- solicitors
- accountants
- architects
- chartered surveyors
- financial advisers
- some healthcare professional
Getting a quote
If you are looking to obtain a professional indemnity insurance quote then look no further than Todd and Cue. Our knowledgeable broking staff would be more than happy to assist you in offering you a reliable and cost-effective insurance cover quote. We guarantee to offer one of the best available professional indemnity insurance covers currently on the insurance market!
What’s more, if you take out professional indemnity insurance cover with us, our in-house claims team are dedicated to arranging a swift settlement should you even need to make a claim.
Contact Us Today
We hope that you have enjoyed this informative article on professional indemnity insurance. Todd and Cue strongly recommend that you obtain this policy type to give you peace of mind over your business. If you have any other questions and queries regarding this form of insurance or wish to get a free quotation for this premium please do not hesitate to contact us 0191 482 0050 or email info@toddcue.com.
