Who should be covered ?
If you are an accountant, architect, consultant, engineer, lawyer or designer, or earn your living by charging a fee for service,
you should seriously consider taking out Professional Indemnity Insurance. This will protect you and your business if you have mistakes or are found to have been negligent.
What is the difference between Liability Insurance and Professional Indemnity Insurance?
Liability Insurance reimburses you AFTER any legal action has been determined
Professional Indmenity Insurance is designed to STOP or DETER any legal action against you
Areas of Cover
- • Breach of professional duty
- • Negligent act
- • Error or Omission
- • Libel or Slander
- • Loss of documents
- • Intellectual Property
- • Joint Venture Liability
- • Acts, errors or omissions committed by: Consultants, Sub-contractors & Agents
- Exclusions
- • Fraud and Dishonesty
- • Prior or Pending claims known to insured before the policy is taken out
Professional Indemnity Insurance
How does Professional Indemnity Insurance actually work ?
The prime objective of Professional Indemnity Insurance is to protect your assets against 3rd parties taking legal action, or threatening to take legal action against you or your firm.
You should notify the insurance company immediately you are aware of any pending litigation against your firm
This enables the insurer to engage an appropriate commercial law firm which will liase with the potential litigant and advise that any legal action will be vigorously defended.
The object is to deter any potential litigation where possible
Professional Indemnity Insurance will protect you and your practice, or firm, from potential catastrophic loss if you have to defend any claims made against your firm, or any consultants, sub-contractors or agents you may hire.
It will also protect your good name which you have spent a lifetime building
dMAC designed insurance
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