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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.

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    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).

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