Professional indemnity insurance is something that is often overlooked with devastating consequences unfortunately, no matter how good we are at our jobs or how good our attention to detail may be there is always the potential for small mistakes to be made.

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2.  As
a professional, you have a duty to offer
'reasonable skill and care', as part of the
service you provide. If you fail to exercise
this duty and are subsequently proven to be
negligent, you may be liable for any losses
incurred by your customers or other third
party. Proving your innocence isn’t cheap so
in today’s litigious climate it pays to be
protected
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3.  Professional
indemnity insurance is
something that is often overlooked with
devastating consequences unfortunately, no
matter how good we are at our jobs or how
good our attention to detail may be there is
always the potential for small mistakes to be
made.
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4.  Anyone
who offers their knowledge,
experience or skills as a paid service could
benefit from professional indemnity cover.
It’s now a common requirement for many
professions such as solicitors, financial
advisors, designers, accountants, architects,
insurance brokers, builders and PR and
marketing consultants.
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5.  The
policy covers all sums which the insured
professional becomes legally liable to pay as
damages to third party in respect of any
error and/or omission on his/her part
committed whilst rendering professional
service.
 This type of cover could help protect you
financially if you are faced with a negligence
claim. If you make a mistake or offer flawed
advice which has a negative impact on your
client or customer, they may seek some
compensation.
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6.  Neglect,
error or omission including breach
of contract
 Dishonest, fraudulent, criminal or malicious
acts or omissions of any person employed at
any time.
 Unintentional breach of, or unauthorised use
of, confidential information, trade secrets,
patents and copyrights of the systems or
programs of third parties
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7.  The
publication or utterance of a libel or
slander.
 All costs, charges and expenses incurred in
replacing or restoring any documents that
have been
lost, damaged, destroyed, mislaid, distorted
or erased.
 The negligence of any specialist consultants
or sub-contractors acting on your behalf or
for whom you are responsible.
 Any retroactive cover for all work since the
start of the policy.
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8.  Today’s
savvy consumer is highly aware of
their legal rights and today’s blame culture
has been found to be largely responsible for
the increase in claimants against a whole
manner of service providers.
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9.  In
Professional Indemnity policy, many
insurers include a retroactive date within
their policy. This covers for work completed
during that period i.e. if you have 2 years
retroactive cover, you will be covered against
claims connected with work you’ve carried
out during the previous 2 years. This is an
essential option if you have undertaken a lot
of high-risk work in the past.
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10. 



While professional indemnity may be compulsory
insurance for some businesses, for others it gives
significant peace of mind which is just as valuable.
Ultimately, by preparing for a number of legal
eventualities, it is a sensible way to ensure you are
looking after the long term future of your business
while protecting yourself at the same time.
Don’t leave yourself vulnerable – make sure your
business is protected with comprehensive
professional indemnity insurance. Make sure any risks
associated with being self-employed are fully
protected.
It is advisable that you examine the terms of any
professional indemnity policy before you make a
purchase as the extent of cover can vary between
insurers.
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11.  Where
to start insurance can be confusing
because so many options available in the
market, how do you know which one is the
best for you.
 That is where Bajaj Capital Insurance can
help you by allow you a range of insurance
policies.
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