Protect Yourself from Professional Errors with Indemnity Insurance
Professional indemnity (PI) insurance covers you if you make an error, omission, or provide incorrect advice that leads a client to suffer from financial loss. Legal fees and compensation payouts can be expensive, especially in business settings where clients can potentially miss out on hundreds of thousands of dollars due to professional errors. Even if a client has a weak basis and is not successful in their claim, legal defence can still be costly. PI insurance covers all legal fees and compensation that is ordered to be paid out to clients, as well as any investigation costs that you incur while trying to build a defence case and gather evidence.
Professional indemnity insurance is best suited for professionals who provide advice to clients or perform duties where mistakes can be costly, such as consultants, accountants, and marketers. Sometimes it can be difficult to identify whether your business activities could lead to an expensive claim from a client, at Lync Insurance, our specialist team can help you distinguish any potential risks that your business operations may face, and whether professional indemnity insurance is right for you.
Breaking Down the Cost of Professional Indemnity Insurance
As with most types of insurance, the price of a professional indemnity insurance policy depends on your specific situation. The type of work you perform, the size of your business, and the number of clients you have, all contribute to the cost of a professional indemnity insurance plan. To find out how much PI insurance might cost for you, get in touch with us today. Our team can help you compare policies and provide a quote by assessing your business and speaking to you to find a policy that meets your specific needs.
