If you work in an industry where you give advice to your clients, the chances are that you need professional indemnity insurance. This kind of insurance is designed to protect you in the event that the advice you give leads to a client losing money.
By law, many professionals are required to have this type of cover. A few examples of this are lawyers, accountants, interior decorators, financial advisors, architects and engineers.
Finding Professional Indemnity Insurance
Like any other kind of insurance, it is very important to shop around for your policy. Take your time and do your research especially if you have never bought this kind of insurance before. It is important to understand what eventualities you are trying to cover yourself for.
You can get advice from indemnity insurance providers, but can expect them to try to sell you their policy there and then. However, do not sign up there and then instead speak to several other providers.
Once you are sure that you know what you are looking for begin the process of shopping around in earnest. Just as you would with any other insurance, get quotes from several providers and compare them.
Make sure that you are comparing like for like quotes. The best way to ensure this is to give providers the same basic information about your company for them to quote on.
At the very less you need to tell them the nature of your business. You need to explain how many customers you have the value of each job and your turnover. If you have qualifications to carry out your job, you need to tell them about this too. Some firms have other people working for them who also give clients advice. To get a meaningful quote you need to tell providers about this and explain exactly what they do and how much of your turnover is down to them.
Once you have 2 or 3 professional indemnity insurance quotes sit down and compare them in detail. Before signing up with a provider ask to see the policy, so that you can read the small print.
Hensure professional indemnity insurance is one of the best available. They already provide cover for people working in over 400 different industries.