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Lloyd Vine
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You are hereby summoned to appear ...

Professional Indemnity Insurance

If you are alleged to have provided inadequate advice, services or designs to a client, professional indemnity insurance provides cover for the legal costs and expenses in defending the claim, as well as compensation payable to your client to rectify the mistake.

Regardless of how many years experience you or your firm may have, there is always the possibility you (or one of your team) could make a mistake. Professional indemnity insurance can cover against a wide range of scenarios, including:

  • Professional negligence (i.e. making a mistake in a piece of work for a client)
  • Loss of documents or data
  • Unintentional breach of copyright and/or confidentiality
  • Defamation and libel
  • Loss of goods or money (your own or for which you are responsible)

Do you need Professional Indemnity Insurance?

If you provide advice, designs or a service to your clients, you should give serious consideration to professional indemnity insurance.

Three quarters of small business owners say they worry about making mistakes on client projects, almost half worry about giving bad advice, and a quarter worry that one of their clients will make a compensation claim related to their professional services.¹

But despite their worries, more than half of those paid by clients for business advice still fail to buy professional indemnity cover.² 

While most firms enjoy good relationships with their clients, a mistake in a project can change working dynamics overnight. The chances are that if a client suffers a significant financial loss as a result of your negligence, they are likely to seek recompense.

It used to be that only traditional professionals took out this cover. However in this litigious age, there are many professions and occupations that may need PI cover. These include architects, construction design, consultants, IT professionals, doctors, teachers, private tutors, recruitment professionals, designers, fitness professionals and dance teachers. There are many more.

    Professional Indemnity Enquiry

Submit
¹ The survey of 300 small business owners was carried out for AXA Business Insurance by Taylor McKenzie Research and Marketing Ltd in April 2015. 
² AXA Business Insurance and Enterprise Nation Home Insight Report among nearly 800 home based business in March 2014. 

Lloyd Vine Limited. Independent Financial Advisers & Mortgage Brokers. Authorised and regulated by the Financial Conduct Authority. 832055.
Copyright All Rights Reserved © 2019 Lloyd Vine Limited. Company Number: 11783591


Normal Hours

Mon - Fri : 9am - 5pm

Telephone

023 80601601

Email

info@lloydvine.co.uk

About Us


  • Home
  • Insurance
    • Business Protection >
      • Key Person Insurance
      • Shareholder Protection
    • Employee Benefits >
      • Group Income Protection
      • Group Life
      • Group Private Medical
      • Relevant Life Cover
    • Personal Protection >
      • Critical Illness Cover
      • Income Protection
      • Life Assurance
  • Investment
    • Pension & Retirement >
      • Auto Enrolment
      • Company Pensions
      • Flexi-Drawdown Pension
      • Group Personal Pension
      • Pension Annuity
      • Personal Pension
      • Self-Invested Personal Pension
    • Savings & Investments >
      • Investment Bonds
      • Investing For Children
      • ISA (individual Savings Account)
      • Lifetime ISA
  • Mortgages
    • Your Home Mortgage >
      • Introduction
      • Property Surveys
      • Mortgage Consultation
    • Buy To Let >
      • Buy to Let Types
      • Portfolio Landlords
    • Commercial Mortgages >
      • Commercial Mortgages
      • Limited Company Buy to Let
    • Holiday Home Finance
    • Let to Buy
    • Second Home
    • Self Build
    • Mortgage Calculator
  • Contact Us
  • News
  • Documents