Professional indemnity insurance
As a business manager or director you are financially and lawfully responsible for your company so it is important to obtain professional indemnity insurance. Any work completed by your business and all client documentation is your responsibility to ensure it is safe and in contention with current laws. Should your employees break these laws by either breaching confidentiality of a client or complete work that has is not up to standard it is the director or manager of the company that is held viable. It is for this reason that you must ensure you obtain professional indemnity insurance, as it will provide you with the financial and legal cover you need to protect yourself in the event of a claim.
Protection for the advice and services you offer
If your companies business involves you giving advice or providing your skills to clients it is highly recommended that you obtain professional indemnity insurance. Professional indemnity insurance is put in place to protect your assets against loss or damage claims that have resulted in a client or third party seeking recompense because you have made a mistake or are found to have been negligent whilst providing your professional service. This cover includes the legal fees that you may incur during a court hearing whereby you have been charged with a negligent act though a company mistake resulting in loss or damage to a third party of client.
There are some professions that are required by law to have professional indemnity insurance in place as their profession carries a high amount of risk. It is important to remember that a claim may not arise for a number of years prior to advice given by your company. For example if an architect where to instruct a builder to place a load bearing pillar in a build and advised that that was all that was needed he would then be held liable for any claims that may arise in the future as a result of the beam causing the subsequent collapse of that building causing loss or damage to a third party and/or the client.
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