Insurance for Professionals
Here at Wilson Insurance, our insurance for professionals is available for all businesses small and large. Whether you’re self-employed and work from home or are part of a large multi-national with hundreds of employees, we can provide you with the right insurance plan for your business.
With Professional Indemnity Insurance, Public Liability Insurance, Employers’ Liability Insurance, Material Damage & Business Interruption Insurance, Directors and Officers Insurance, Cyber Security to name a few, whatever your needs and whatever the level of cover that you require, we can help.
If you offer expertise and advice as part of your trade or profession, you should consider Professional Indemnity Insurance.
This type of insurance provides financial protection both for the policyholder and their customers, for claims arising due to alleged negligent advice, design, specification or supervision services.
It is hard to please all of your customers all of the time and innocent mistakes can happen.
Subsequent disputes can be complex and costly. A Professional Indemnity Insurance policy is designed to cover legal costs and compensation which may be deemed payable to your customer.
Professional Indemnity Insurance cover may also be activated to remedy mistakes before they lead to a claim from your customer. This could occur for example, whereby Insurers provide funds to rectify design issues which are discovered before the completion of a project, while also providing cover for financial loss to the customer. This helps reduce the potential loss and could safeguard your reputation and client relationship.
Professional Risks are generally protected by a Professional Indemnity Policy. So what does this type of policy cover me for?
- Indemnity for negligence and duty of care to your clients, often called “errors and omissions”
- Protection against inadvertently disclosing your clients confidential or sensitive information
- Infringement of intellectual property rights
- Libel and Slander
- Loss of sensitive documents in your care.
Why do you need Professional Indemnity insurance?
- You give professional advice as part of your services to clients.
- You are involved in product design which if alleged to be flawed may be subject to legal action against you.
- Your business works in the public domain and you need protection against misusing or inadvertently disclosing confidential information.
- You need access to specialist legal support should someone try to pursue a professional negligence claim against you.
- You provide design and construct services where remedial work to recover from inadequate design work can be costly.
- You require legal assistance when you are asked to sign a collateral warranty.
- While there is no statutory requirement for you to have Professional Indemnity Iinsurance, you are required to take it out in order to secure a contract.
- Your professional body or regulator requires that you have a minimum level of protection.
Why use Wilson Insurance for Professional Indemnity Insurance?
- Wilson Insurance Brokers has access to all major insurers providing Professional Indemnity insurance.
- Professional Indemnity insurance can be complex and Wilson Insurance Brokers provide expert guidance in helping to assess a suitable indemnity limit and policy for your needs. Under-insurance can be costly and, in considering a suitable indemnity limit, there are many factors to consider, including the prospect of multiple claimants from a single event.
- Some insurance companies will offer cover with an indemnity limit inclusive of defence costs, while others will cover defence costs in addition to the selected indemnity limit. Some policies will be on an “aggregate” basis – meaning that the indemnity limit applies to the whole period of cover and is not reinstated to the original limit after a claim.
- Wilson Insurance Brokers will guide you through the terminology in plain English so that you understand the true value of your cover.
Guidance Note:
Professional indemnity insurance is commonly arranged on a “claims made” basis. This means that cover is in place only at the time that a claim is raised against you and not when the work which led to the claim was undertaken. Therefore, if your policy has expired, you will not have cover. If you have ceased trading you are advised to take out “run off” cover in order to protect yourself against potential future claims.
Key Benefits of Wilson Insurance Package
- Professional Indemnity insurance to cover you for any advice you could give to a client that they then feel has caused them to suffer a financial loss
- Employers’ Liability insurance, which will protect your business if an employee is injured at work and makes a claim against you
- Public Liability insurance that will cover you for injury or damage your business could cause to another person or their property
- Material Damage Commercial Material Damage insurance protects your organisation’s tangible assets against physical loss or damage.
- Directors and Officers Liability Insurance (often called “D&O”) is liability insurance payable to the directors and officers of a company, or to the organization(s) itself, as indemnification (reimbursement) for losses or advancement of defence costs in the event an insured suffers such a loss as a result of a legal action brought for alleged wrongful acts in their capacity as directors and officers.
- Cyber and Data Risks Liability Insurance provide comprehensive cover against cyber-attacks and data breaches.