1. Who needs a Professional Indemnity Insurance?
Professional indemnity insurance is mostly needed by big companies who work in the field of those who provide services to its clients. Some of these businesses include Marketing, Media and Public Relations, Management consultancy, Advertising, Design agencies, IT and web consultants, trainers and coaches, Engineering firms, Accountants, Project Managers, Architects, and financial advisers, among others.
2. How much does a Professional Indemnity Insurance cost?
The cost actually depends on the size of the company. The larger the company, then it means larger cost you have to cover. The insurance is not a one size fits all solution as it all depends on how much you want to buy. There are things you need to consider when getting your insurance: the size of the client also the cost needed for legal matters.
3. Why does having an insurance necessary?
It is necessary because if you are in a business wherein you provide services for clients, chances are there may be errors that you will commit. To prevent your company to suffer from damages that may taint your name in the industry, you need to have an insurance to back you up that will help and support you in financial matters. Cases wherein having a professional indemnity insurance may be needed would be negligence, defamation, copyright infringement, data loss, or dishonesty.
4. How do I know the level of cover that my company needs?
You need to consult an expert in indemnity insurance for that because you need to tell them the risk and also the nature of your business, what do you do, the total income generated by your company, and also the limit requirement when it comes to indemnity, which are the details that will help you know the level of cover your company will need. Your company may also need some other options that you can include in your insurance policy, which is why you need to talk the specialists who know what will be the perfect cover for you. Also, these specialists will let you know other important requirements you should not miss out on.
5. What kind of cover does an insurance policy provide?
– The insurance policy will support you in the mistakes you’re your professional service makes, even up to legal actions if necessary. What is great with this kind of insurance is that even if you lose the legal battle, your insurance will still be able to cover all the damages that you are liable for, provided that it is still included in the level of the insurance cover that you paid for.
6. How long does it take to get my own insurance cover?
– As long as you have already talked to an insurance specialist, and you have already submitted all the requirements needed, then you can start already with the cover. For reference, the insurance policy that you get your help from will be emailing you the documents you need to see especially the guidelines you need to follow.