If you provide advice, designs or a service to your clients, you should give serious consideration to professional indemnity insurance. PI is available for a long list of professions and services.
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.
Professions that may need PI cover include consultants, IT professionals, teachers and private tutors, recruitment professionals, designers, fitness professionals and dance teachers.
Regardless of how many years' experience your firm may have, there is always the possibility you (or one of your team) could make a mistake. Professional indemnity insurance covers 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
· Loss of goods or money (your own or for which you are responsible)
RUSA has a particular specialism in Professional Indemnity insurance for Financial Institutions. In this sector there are various regulatory requirements for certain levels of PI insurance. With the team's background across financial services from banking to insurance RUSA Speciality Risks are well placed to understand your business and place PI insurance.