Professional indemnity insurance policy

Compare Professional Indemnity Insurance Prices From Our Panel Of Specialists. What is professional indemnity cover? All you need to know about AXA Professional Indemnity Insurance Find out more about AXA Professional Indemnity Insurance by reading and downloading the policy summary and policy wordings.

Just click the links to view, save or print these PDF documents. Professional indemnity insurance is a type of business insurance that covers you for costs you might face if your work, service, or advice causes a client to suffer a loss – either financial or reputational. What does professional indemnity insurance cover ? For some professions, it’s compulsory to have Professional Indemnity Insurance in place.

However, many other businesses aren’t required to have it but still choose to take out the cover to protect themselves. No you need to contact a Malpractice Insurance Provider and pay for your own policy. The cost will most likely be more then what the second job will pay.

If you are in the US, then please disregard this answer. Short answer, yes there is such a thing, but it isn’t that simple mate. You say you went through a broker - you should have been provided with: An assessment of your insurance requirements. Most professional indemnity insurance policies exclude all claims relating to bodily injury. However, some include death and bodily injury claims if they arise directly from a breach of your duty of care.

Whether you need this cover depends on your occupation – it’s useful for health and safety consultants for example. The mechanics of a professional indemnity policy can differ, so it’s important to appreciate the difference and whether you need a specific type. Due to the specific nature of professional indemnity insurance , it is not always included in general business insurance policies. It can cover legal fees and compensation payments, with the compensation often taking into account the financial loss that the client has suffered.

Nobody expects to make mistakes, but they still happen and they can cost your clients money. It can cover compensation claims if a business is sued by a client for making a mistake that leads to financial loss. When restrictions started to appear on professional indemnity insurance (PII) policies, they were, in the main, worded to only restrict cover with reference to the combustibility of cladding systems. Most insurance companies have their own exclusion wordings that they have tightened as time has passed.

Professional indemnity (PI) insurance is a commercial policy designed to protect businesses in the event that a client deems work produced or professional advice provided as inadequate. Indemnity cover, or professional liability insurance , will prevent you from suffering a financial loss when defending or settling the claim. Your PI policy pays for a specialist solicitor to defend you, and also picks up the tab for any compensation or damages you have to pay.

Some clients don’t quite understand what Professional Indemnity (PI) insurance provides. In fact, many only purchase the cover for contractual reasons, where in order to secure a particular contract, they must show proof of insurance. However, there is much more to achieving a good PI policy than just ticking a box. Whether you’re a project manager or consultant, PI supports you in two main areas: 1. Pick your core covers, from public liability insurance for injury and property damage, to employers’ liability insurance for your staff.

And there are options for different risks, like professional indemnity insurance , or protection for your business equipment. Professional Indemnity insurance , otherwise known as professional liability insurance or PI insurance , covers you and your business if a client suffers financial loss as a result of work you have complete for them. Working in a profession where your experience and advice is what you build your business on can be extremely fulfilling. UNISON’s professional indemnity As part of your membership of UNISON we offer our members who deliver health care and are part of the health service group professional indemnity insurance which is a legal requirement if you are on a professional register. Professional Indemnity Select covers medium and large businesses against a legal liability to compensate third parties for injury, loss or damage due to a breach of duty in the conduct of their profession.

This cover should be considered by any company that offers advice, design, skills or knowledge in a professional capacity.