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Professional Indemnity Insurance

Professional Indemnity Insurance

Professional Indemnity Insurance - Do you provide advice to customers? Work as a consultant, contractor or business? Talk with an insurance broker to better understand your professional indemnity insurance requirements.

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Professional Indemnity Insurance

Professional Indemnity Insurance is insurance for professionals who provide advice or services to their customers. Professional Indemnity Insurance, sometimes called PI Insurance, protects consultants, contractors, businesses and professionals from the financial loss associated with any legal costs or claims that may arise during your engagements with clients.

Professional indemnity insurance covers professionals, contractors, consultants and businesses from financial loss associated with the advice or services that they may provide. 

Claims that are covered may include for unprofessional advice, failure to deliver to the required level of skill. Or for a breach of professional duty that may have occurred.

Professional Indemnity insurance costs are determined by a few key factors. Some factors include:

 

Size of turnover in your business.

Type of business you operate.

The industry that your business operates in.

Your claims history and business background. 

 

Professional indemnity insurance is important and when it comes to cost of your professional indemnity insurance. What is key to remember is that the cost of Professional Indemnity Insurance is often a function of the coverage being provided, so cheaper Professional Indemnity Insurance may not always offer the same levels of coverage as more expensive alternatives. You want to consider your coverage requirements first, and then seek to find and determine the costs associated.

Using an Insurance Broker for your Professional Indemnity insurance needs ensures that your business has managed its risks. Every business is different and an insurance broker can help by assessing your unique business risk profile and providing advice on the best insurance cover, including Professional Indemnity insurance for your business. An insurance broker will also help when it comes time to claim, advocating for you to negotiate the best outcome in the settlement of your claim with the insurer.

So whether it's provided inadequate advice, services or designs that cause your client to lose money or allegations of professional negligence, your Insurance Broker can assist you to be covered.

Customers

Insurance brokers operate on behalf of their customers. Insurance brokers understand both the potential risks that an individual or business may face and also the various insurance policy options and insurance providers that exist across the market.

Insurance brokers can help customers with hard to place risks to find an insurance provider that can meet their needs.

Insurance brokers help clients to reduce their risk by sourcing and matching their clients with appropriate insurance products. Insurance brokers work for their customers. Insurance brokers focus on understanding their customers' risks and exposure and their insurance requirements.

Asking for recommendations from others in your industry or area is a good place to start in looking for an insurance broker. You can search for that insurance broker on Advisr by name.

You can also search for an insurance broker by the type of insurance you need (insurance category), by your industry or by location depending on what is most critical to you. You can learn more about what a broker is like to work with by reading customer reviews left on Advisr. Educating yourself and reading articles by insurance brokers that explain different insurance lines, or dissect exposure to risk in different industries also helps you to find and select an insurance broker that understands your business or personal risk. We have hundreds of articles on Advisr to help you understand your insurance needs and find an insurance broker right for you.