Professional indemnity insurance is a type of insurance that provides cover for financial losses which have incurred due to advice provided by you to your clients.

Who needs professional indemnity insurance?

Any business who: gives advice to clients, offers a professional service or handles client data / intellectual property.

What does professional indemnity insurance cover?

• Professional negligence – should you make a mistake or give incorrect advice.
• Breach of confidence – if you share information without approval
• Breach of copyright – if you infringe upon intellectual property of any kind
• Defamation – should you make libellous statements about your client
• Document damage / loss whilst under your care / supervision
• Damage caused by an employee via a malicious act

How much cover do I need?

Ultimately the level of cover required depends entirely upon your occupation and client base. We are able to obtain terms on risks ranging from ‘one-man band’ consultants right through to FCA / GFSC regulated companies.

Businesses need to consider the potential cost of legal fees and compensation that could be due should you have a claim. It may also be worth considering if any of your clients i.e. local authorities etc, require a minimum level of cover.

Clegg Gifford are able to look at increasing limits of indemnity mid-term should it be required.

How much does professional indemnity cost?

Insurers determine premium based upon numerous factors, mainly:

• Size and type of business: Larger businesses generally have greater risk exposure due to the potential size of financial and reputational losses, as a result, insurers ask for higher premium levels.
• Nature of the work you do: Certain industries are naturally exposed to greater risk levels due to the historic claims environment.
• What can we do to help: Clegg Gifford have a vast and diverse panel of insurers that we utilise effectively to help obtain the best possible terms for our clients. The diversity of our panel helps to ensure that regardless of your businesses occupation, we have a market that will consider quoting.

What other types of insurance can Clegg Gifford help me with?

Commercial packages: We are able to dovetail all product coverages, combining your various, unique requirements into one succinct renewal date.

Motor: As proclaimed motor experts we are able to obtain terms on a whole manner of risks, ranging from single vehicle private cars, all the way through to large commercial fleets. Our flexible approach means we are best placed to help you and your business, no matter the insurance product.