Why you need professional risk insurance:
Protect against potential claims
Professional indemnity insurance can protect the contractor against claims arising from errors, omissions, or negligence in their work, including breach of contract, breach of professional duty, or breach of confidentiality. Without insurance, the contractor may be personally liable for the costs of defending against these claims, as well as any damages or settlements awarded to the claimant.
Meet contractual requirements
Many clients or contracts require contractors to have professional indemnity insurance as a condition of the agreement. Without insurance, the contractor may not be able to secure work from these clients or contracts.
Maintain professional reputation
Having indemnity insurance demonstrates that the professional is committed to their work and takes their responsibilities seriously. This can enhance their professional reputation and provide clients with added confidence in their services.
Compliance with regulatory requirements
Certain professions in the UK, such as architects, engineers, and accountants, are required by law to have professional indemnity insurance as part of their regulatory requirements. Failure to comply with these requirements can result in fines or disciplinary action.
SPEAK TO A SPECIALIST
For expert advice on professional risks insurance, including PI insurance, or to make an enquiry, contact Janine Eagles.
Leslie B Holmes (Securities) Ltd Trading as LBH Insurance, is registered as a limited company in England and Wales under company number 00473495.
We are authorised and regulated by the Financial Conduct Authority (FCA)reference number 310578.