Personal Indemnity Insurance (PII)

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Professional Indemnity Insurance (PII) Also, known as professional liability insurance (PLI), commonly known as errors & omissions (E&O) in the US. It helps protect professional advice, consulting, and service-providing individuals and companies. This insurance policy 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. Legal costs to defend yourself against any claim can be significant, and they can mean interruptions to your cash flow and disruption in your business. Tricky areas such as defamation and intellectual property are also covered by professional indemnity insurance. For example if your social media intern shares a questionable claim about a competitor or another company says your work is too similar to theirs, having the right professional indemnity policy in place can cover the costs of legal defence and any pay outs. Although professional indemnity insurance is not a legal requirement. However, many clients will prefer to deal with businesses that are protected by professional indemnity insurance, and may not work with you if you don’t have it. Examples of professions that normally require PI are: IT consultants, business consultants, accountants, architects, surveyors, engineers design and construction, interior designers coaching, training and education, risk management, town planning. Professional indemnity insurance only covers events which have occurred during the period you held the policy. Remember compensation claims can be brought against you even if you provided a service or offered advice for free. The cost of professional indemnity insurance can vary due to a number of factors, such as: -the amount of cover you require -the activities you are undertaking -the income your business generates. It’s an important consideration for every business, especially if it involves activities with the public and other businesses. Knowing what you’re covered for when taking out Public Liability Insurance is crucial because not all of your business’ activities may be covered. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful

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