close menu

Professional indemnity insurance: Do you need it?

by Sable International | Jan 23, 2016
  • Professional indemnity insurance protects you against negligence claims, the cost of defending such claims, and any compensation due to your client if you are proven to have provided inadequate advice or services.
    PI
    No matter how experienced you are or how brilliant your team, there is always the possibility of human error creeping into your work. Professional indemnity insurance is a form of insurance that helps protect you against negligence claims, the cost of defending such claims, and any compensation due to your client if you are proven to have provided inadequate advice or services. 

    When it comes to  professional indemnity insurance, it is worth noting that you will be covered even if the allegations made against you are false. This coverage includes:
    • Professional negligence (mistakes)
    • The loss of documents or data
    • Defamation and libel
    • Dishonesty of your employees
    • The unintentional breach of copyright and/or confidentiality
    If you are in the business of providing advice or professional services to your clients, whether or not you should get professional indemnity insurance is not even a question – you should be covered. Without it, your business is left vulnerable and could suffer financial losses because of even the smallest error, oversight or omission.  

    Professional indemnity insurance is available to individual contractors, sole proprietors, limited liability partnerships and limited companies. The following occupations are covered by Sable PI:
    • Accountants
    • IT contractors
    It is vital that your insurance provides the right cover and the right cover limit. These would be entirely dependent on your unique circumstances, specific contracts and requirements by relevant industry bodies.

    If you don’t have professional indemnity insurance yet or feel unsure about the adequacy of your cover, take steps to rectify the situation as soon as possible. Don’t be left thinking, “if only.”

    We are a professional services company that specialises in cross-border financial and immigration advice and solutions.

    Our teams in the UK, South Africa and Australia can ensure that when you decide to move overseas, invest offshore or expand your business internationally, you’ll do so with the backing of experienced local experts.

    • Business-concept
      Moving your business to the UK? You’ll need to understand the UK’s VAT regulations
      Nov 12, 2018  |  by Scott Brown
    • Autumn-statement-banner-no-logo-white
      Highlights from the 2018 Autumn Statement
      Oct 30, 2018  |  by Scott Brown
    • man-in-front-of-shop
      A quick guide to UK business tax
      Oct 26, 2018  |  by Scott Brown
    • working-man-contractor
      Self-employment vs. contracting in the UK: What’s the difference?
      Oct 11, 2018  |  by Kobus Van den Bergh
    • growing-business
      Why your SME needs management accounting
      Oct 10, 2018  |  by Scott Brown
    • yes no cross tick
      HMRC’s employment status test continues to frustrate UK contractors
      Sep 24, 2018  |  by Kobus Van den Bergh
    • Money
      Leaving the UK? Get some extra cash by claiming your tax refund
      Sep 20, 2018  |  by Kobus Van den Bergh
    • Businessman-on-graph
      How you can stop worrying and learn to love outsourced accounting
      Aug 03, 2018  |  by Scott Brown
    • tax-deadlines
      Self Assessment deadline reminder! Second payment due end of July
      Jul 25, 2018  |  by Kobus Van den Bergh
    • magnifying-glass-contract
      IR35: Are you in or are you out?
      Jul 02, 2018  |  by Kobus Van den Bergh
     
     

    South Africa

    Cape Town

    Regent Square
    Doncaster Road
    Kenilworth 7708 +27 (0) 21 657 2120

    Durban

    25 Richefond Circle
    Ridgeside
    Umhlanga 4320 +27 (0) 31 536 8843

    United Kingdom

    London

    Castlewood House
    77/91 New Oxford Street
    WC1A 1DG +44 (0) 20 7759 7514

    Croydon

    5-7 Selsdon Road
    South Croydon
    CR2 6PU +44 (0) 20 7759 7581

    Australia

    Melbourne

    9 Yarra Street
    South Yarra
    VIC 3141 +613 (0) 8651 4500

    Sable International is a trading name of 1st Contact Money Limited (company number 07070528), registered in England and Wales. We are authorised and regulated by the Financial Conduct Authority in the UK (FCA no. 517570), the Financial Services Conduct Authority in South Africa (1st Contact Money [PTY] Ltd - FSP no. 41900) and hold an Australian Financial Services License issued by ASIC to deal in foreign exchange (1st Contact Group - AFS License number 335 126).

    We use cookies to provide the best website experience for you. Using this website means that you agree to this. How we use cookies.