Mistakes happen. Are you protected?
Consider these three statements. If they apply to your business, you absolutely should enquire about Professional Indemnity (PI) Insurance.
1. Does your business give advice or offer a professional service to other businesses? PI insurance provides cover if you are negligent and make a mistake which causes a client to suffer financial loss.
2. For liability purposes, a “professional” is any person who offers specialist advice or service, and it is not confined to traditional categories such as accountants or architects.
3. Anyone who holds themselves out as having a more than an ordinary degree of knowledge in a particular area and gives advice to another party, may be liable to that party if they rely on that advice and it causes them to suffer a financial loss. A fee for the advice does not need to be received for the liability to exist.
“In the current economic climate, clients will not hesitate to pursue a claim if they feel that they have received poor advice or service. The need for PI insurance has never been greater.”
Dylan Hughes, MD, Brunel Professions