Professional Indemnity
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What is Professional Indemnity Insurance
Professional Indemnity Insurance (PI) is a crucial safeguard for businesses and professionals providing services or advice. It covers legal expenses and compensation in cases where clients allege negligence, errors, or omissions in your work that lead to financial loss for them. This insurance is particularly relevant for industries like law, finance, consulting, and technology.
Professionals facing potential risks from inaccurate advice, breaches of confidentiality, or professional negligence should consider this coverage. If a client sues you and your business for financial damages due to perceived errors in your work, this insurance can cover legal defence costs and any settlements awarded.
Without Professional Indemnity Insurance, legal proceedings can be financially devastating and damage your reputation. It offers peace of mind, ensuring that your business can weather legal storms while maintaining client trust and financial stability.
Who needs Professional Indemnity Insurance?
Professionals providing specialised services or advice can benefit from getting Professional Indemnity cover. These main areas of industry expertise that can benefit from Professional Indemnity Insurance include:
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Consultants
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Lawyers
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Architects
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Engineers
What does Professional Indemnity cover?
Professional Indemnity Insurance covers you if a client claims you made a mistake or gave erroneous advice in your paid capacity as a professional or specialist and that they subsequently suffered financial loss or harm because of it. This type of insurance helps pay for legal costs and any compensation you might need to pay if you're found responsible for their claims. It's like having a safety net to protect your professional work and reputation.
At Budget Insurance, we cover your legal liability to pay damages to a third party for any negligent act, error or omission you committed while providing your professional services. We also help defend you if you’re not legally liable or settle with the third party if you’re found to be legally liable and cover you for legal expenses incurred in recovering any professional fees owed.
Frequently Asked Questions
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Absolutely amazing service! Thank you to Eugene who helped the morning of the accident. Our claim was handled in record time, and you phoned exactly when you said you would. Thank you Budget. All your people are gems.
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