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Professional Indemnity

Professional indemnity insurance protects you against claims made by your clients because of mistakes you or your staff may make, or are alleged to have made. It is vital this is properly arranged so that the policy accurately protects your own business exposures – your individual account handler will help guide you through this process

Professional Indemnity insurance protects you against claims made by your clients because of mistakes you or your staff may make, or are alleged to have made.

Why do you need this?

If you are advising clients or they are calling on your knowledge or experience, the law says you have a duty of care towards them. This means that if you make mistakes clients may have the right to seek damages for financial loss, business injury, or simply to pay for things to be put right. Without good professional indemnity cover, a simple mistake in a highly pressured project could have far-reaching financial consequences.

You may be tempted to word your contract to limit your liability, but these restrictions might not stand up in law – your contract could be seen as unfair. You may also need to go to court and defend against claims even if they are covered in your contracts or you were not to blame and here a professional indemnity insurance policy will also cover the legal defence costs incurred in these circumstances, which can be substantial.

What benefit do you get?

Professional Indemnity insurance can cover the cost of any damages claimed – or the costs in defending against them and protecting your reputation. Many claims can be settled quickly with a strong defence team, but this costs money.

If a client knows you don’t have insurance, you may feel pressured to settle claims you feel are unfair.

If you are trying to get work with public sector clients or larger corporations, they often ask you to have professional indemnity insurance before you can tender for them.

How can we help?

Individual policy wordings can vary a great deal and can get very complicated. At Callaway and Sons, we have extensive experience finding the right cover for your profession or industry and tailoring policies to suit your situation – and your budget.

Your personal account handler will explain the intricacies of the policies available to you and the benefits of each, helping you to make an informed decision about the best cover.

To discuss your professional indemnity needs please contact us.