Professional Indemnity Insurance

Reasons for Taking Professional Indemnity

Professional indemnity insurance saves the professionals from sudden third party claims that may cause a heavy financial loss. This unique method of insurance package offers a great relief and security for professional to practice freely and with no tensions and worries in mind. There are number of different reasons for which professional insurance can be taken and the reasons which may cause heavy loss for a practicing professional. HLibel & Slander,Malicious falsehood, Negligent statements, Intellectual property rights, Breach of normal rights are the few reasons that may cause such problems.

Thus, all professionals want to get rid of such type of problems, by taking a customized professional indemnity policy which has become mandatory for you.

Professional Indemnity Insurance

Professional Indemnity Insurance for Chartered Accountants and Solicitors

Like any other professionals, Chartered Accountants and Solicitors need professional indemnity insurance to deal with professional liability exposures while tenure of their service to the common people. Taking indemnity insurance is the best way to get risk coverage for financial professionals who charge their service for a fee. Due to the specialized nature of their work and service, sometimes Chartered Accountants and Solicitors have to bear situation which may leads to monetary loss for them. Therefore, the need for professional indemnity became really important for these people.
Professionals like Chartered Accountants and Solicitors usually pass through a tough study curriculum and practical term to become eligible for their specialized services. As a result, a strict code of conduct has been required to follow by these professional while practicising their knowledge and skills. In order to serve better, sometimes these professional may face certain unforeseen situations including omission in work and others and responsible for carrying liability towards the same.

Professional Liability Insurance: A Real Hope

In this world of uncertainties, professionals also suffer from unseen and undisclosed working circumstances, where they may have to suffer heavy financial losses in their lives. These situations are unpleasant and give lots of tensions and worries for professionals in order to providing the professional safety to their clients. As a solution, professional liability insurance can be taken to overcome those hidden fears, tensions and worries that may cause disturbance in your life.

This kind of insurance policy is available easily throughout the world, easing the worries and tensions of practicing professionals throughout the world. Try to gather relevant information from many sources including insurance agencies, companies, and institutions and compare their quotations. Stay happy with this solution and practice firmly.

Reasons for Taking Professional Indemnity Insurance

Professional indemnity insurance saves any professional from any sudden arises third party claims that may cause a heavy financial loss. This unique method of insurance package offers a great relief and security for professional to practice freely and with no tensions and worries in mind. There are many reasons for which professional insurance can be taken and the reasons which may cause heavy loss for a practicing professional. Here are the few reasons that may cause a real problem in any situation:
• Libel & Slander
• Downloading of viruses to third parties
• Malicious falsehood
• False attribution of authorship
• Passing off copyright or trademarks
• Intellectual property rights
• Breach of Confidentiality
• Breach of normal rights
• Negligent statements

So, if you are a professional and wanted to get rid of any such problems, taking a customized professional indemnity policy is mandatory for you.

Professional Indemnity Insurance

Professional Indemnity Insurance – The Increasing Demand

Professional indemnity insurance is just you cannot ignore if you are a responsible professional. This system has given you the way to deal with unforeseen circumstances during your practice season. Suppose you are a consultant and people seek some valuable advices from you and eventually your advice do not benefit clients. This kind of situation may give you some problem and you could be found liable to pay off quantifiable loss caused to your clients.

In case of any legal action, the system of professional indemnity insurance helps the clients to recover their losses without burdening the actual professional. The definition of professional indemnity insurance is providing financial indemnity to a professional man or firm against a legal liability to compensate a third party who has sustained injury, loss or damage through breach of duty.

PI Insurance

Reasons for Seeking PI Insurance for Architects and Engineers


PI insurance has given a way to professionals to practice freely and lessen down the fear of their third party liability in this cur-throat competitive world. Especially for Architects and Engineers, professional indemnity insurance has a specific role to play in protecting their rights and enabling them to perform better every time.

There are several reasons which may force professional architects and engineers to spend adequately on taking enough indemnity insurance. Here are some reasons, described in brief:

Practicing Beyond Scope of License
This is a common issue that architects and engineers usually face. Sometimes, it is found that an engineer draws an architectural design which is not included in his license. So, he needs another license. Thus, to protect such allegations, architects and engineers need professional indemnity.

Negligent Conduct of Site Surveys
Negligent conduct of site survey is another major issue while practicing as architects and engineers. Careless survey of buildings or site may further damage the planning and future course of action. So, to prevent such errors, insurance can be taken.

Errors and Omissions in the Preparation of Plans and Designs
Preparing plans and designs is an important thing. It needs proper attention and clear understanding to give you the bets service. So, professional indemnity insurance is required here.

Negligent Selection of Materials and Equipment
Selection of materials like cement, bricks and other important things essential for making a planning in real is a difficult task. Moreover, with proper selection of materials, appropriate equipments need to be selected too. Sometimes, there are chances that the proportion may not be effective enough and insurance needs to be taken to protect the rights.

Increased Construction Costs
Construction costs are generally fixed but some times the extent limit increases which may irritate or distaste the clients. So, insurance is required.


Negligent Supervision of Construction
Supervision of construction should be done with alertness, clear vision and good planning. But, sometimes any negligence may result into major problems. So, indemnity insurance can prevent any unforeseen circumstances.

Breach of Contract
Many a times, cases of breach of contracts are found, which may result into unpleasant services for customers. Thus, insurance can be taken to minimize the risk involved.

PI Insurance

Importance of Professional Indemnity Insurance for Physicians

Due to complexity of medication and the risk involved, physicians are at the high risk of liable to come across many undesirable conditions which may include heavy financial loss. So, physicians must have professional indemnity insurance to secure their unforeseen losses and errors. Indemnity insurance covers the policy holder from third party claims against physicians relating to their professional conduct. It will also help to legal fees associated to any such claim.
In some countries, taking professional indemnity insurance for physicians is a legal requirement. Moreover in Australia, it is illegal to practice without having proper indemnity insurance. For getting proper indemnity insurance, a physician must hold the necessary legally qualified medical degree. However, premiums for getting professional insurance for physicians are quite high.

Professional Indemnity Insurance

Professional Indemnity Insurance for Engineers, Architects and Interior Decorators


Professional indemnity insurance provides the excellence risk cover against third party claims. So, if you are involving in the business of service selling, you must consider professional indemnity to feel free and secured.
Due to major risk involved in the work, architects and engineers have a fear of professional liability claims from dissatisfied clients and third parties claims. These expert and skilled professionals frequently perform similar tasks, which include designing, drafting plans and constructing for a wide variety of structures.
These people are also liable for supervision of the actual construction, which is exposed to substantial liability, in the course of their work.
To minimize their risk liability, engineers, architects and interior decorators are required to stick to an appropriate care and behavior. Indemnity insurance provides a relief against liability based on contracts, the common law and the violation of applicable laws and statutes regulating construction and design.

Professional Indemnity

Professional Indemnity Insurance – An Overview

Literary, professional indemnity insurance is all about insurance associated with different occupation including lawyers, accountants, doctors, journalists etc. With the development of society, the traditional meaning of occupation has extended and become a more serious issue to handle.

Practically, professional liability is basically deals with any negligence during the course of service provided or failure of the professional services. However, the modern application of professional indemnity insurance has extended beyond this. In short, professional indemnity insurance is given to cover every professional liabilities occur during the course of services provided to others.

According to law, it is the duty of a practicing professional to give satisfactory services to others. Generally, a contract is drawn to describe the terms and conditions of the services and in case of the failure of the contract, the second party has the right to file a case, asking for compensation for the damages. Here comes the role of professional indemnity insurance.

Professional indemnity insurance differs from profession to profession according to the consequences of their professional acts. For different types of losses, different policies can be given for example, for a physician, negligence while treatment etc.

Professional Indemnity Insurance

Professional indemnity insurance for construction engineers

As a construction engineer, you utilize your special skills while providing advice or services to your customers. Being an expert in this field, any advice or service you would be providing to your customers would be relied upon by them, making you accountable for the advice or service you have give and for any mistakes that may emanate from your advice or services.

As a construction engineer, you cannot afford to ignore the real possibility that a claim might be raised against you by dissatisfied clients to whom you have rendered your expert advice or service. In fact, statistics show that professional liabilities that arise out of such situations can often be as significant as or even greater than the general liabilities, especially where there is the potential for substantial economic loss.

A Professional Indemnity Insurance policy for construction engineers would protect your under such situations. Professional indemnity insurance for construction engineers is specially designed to protect the personal assets of construction engineers against damages awarded against them by a court. There are many insurers offering professional indemnity insurance for construction engineers, and the scope and type of cover available can vary enormously. The onus is on choosing a professional indemnity insurance cover that is appropriate for your need.

Indemnity Insurance

Why is professional indemnity insurance important?

Any person offering advice and/or services over which he has a skill or mastery according to established principles or disciplines is called a professional. The law in the United Kingdom makes it mandatory that any professional exercises his or her skill at an appropriate level that is expected of his or her profession. The professional is entitled to demand a price against the skill or expertise he is offering.

However, it cannot be denied that professionals are human and we are all acquainted with the popular phrase ‘to err is human’. In other words, we must understand that errors might occur no matter how expert the professional is and sometimes these unintentional errors might lead to financial loss. Any professional may also be held to be liable for a mistake even though there was no negligence. Professional indemnity insurance takes care of such undesirable situations. In other words, professional indemnity insurance will protect professionals in case their failure to deliver agreed tasks lead to legal cases filed by the company/organization to which the professional has been offering his expertise.

Today, indemnity insurance is compulsory for most professional businesses and services across the United Kingdom. The law in the United Kingdom makes it mandatory for traditional professionals such as architects, engineers, solicitors, financial consultants, accountants, and other miscellaneous classes to be covered by professional indemnity insurance so that any claims against error, omissions, professional neglect for both the principles and their employees are taken care of without much price having to be paid.

Contractor Insurance

Contractor insurance

Be insured, be protected!

Contractor insurance is important as far as protecting a freelance contractor against claims made by companies he is serving is concerned. Situations may arise when objectives are not fulfilled, often leading to nasty court cases. Hence, if you are a contractor, you need to carry certain obligations and legal responsibilities.

If you are a contractor, you need to make sure that your client has a legal option at law to claim for mistakes/negligence by contractors. Most clients would legally require you to have some level of Professional Indemnity Insurance. Professional Indemnity Insurance is the most common insurance contractors purchase and the majority of clients will require you to have some level of cover. It meets the cost of defending claims made against you, including damages that may become payable. Hence, get it done for you. Professional indemnity insurance for contractor would cover the expenses to legally defend or pursue your rights. In short, by taking contractor insurance, you can rest assured that you are fully protected.

Income protection insurance

What is Income protection insurance?

An income protection plan is a vital constituent of any freelance contractor’s safe future. The nature of working of freelance contractors makes them ineligible for company pension or superannuation schemes, which are common among regular employees. Income protection ensures that no freelance contractor, who have opted for a income protection insurance policy, are devoid of a regular source of income once they have crossed their retirement age.

You can customize your income protection insurance to seek cover against a lot of conditions. A terminal illness benefit grants protection in case you have a terminal disease. You can get the claim in lump sum or even in installments. A death benefit is offered in the event of the insurers’ death within 12 months of the date of claim. Rehabilitation benefits are for those insured who have been rendered physically and mentally incapable to work. Based on your specific requirements and what sort of cover you are looking for, you need to check out various types of income protection plans being offered by various insurance companies and then help them customize one for you that suits you best.

What adds to the credibility of a professional indemnity insurance provider?

A brief research over the Internet will give you enough names of firms offering professional indemnity insurance. Some of these firms offer a range of fixed professional indemnity insurance covers, while some offer less fixed and more customized professional indemnity insurance covers. The onus is on choosing a policy and a firm that is beneficial for any contractor.

Find out the minimum limit of indemnity and whether the standard policy provides cover the selected limit of indemnity. Check out the range of additional levels for delivering extra flexibility over premium. This is especially beneficial at times of claims or court cases. Some firms devise professional insurance covers that may limit your potential liability to three times the amount of excess. Do think about it if you get hold of one think.

Remember that each and every claim limit will provide cover up to the level of indemnity for each and every claim made during the policy period. Hence, check out for professional indemnity covers that your firm offers for replacing lost or damaged documents and from dishonest, fraudulence, or immoral acts performed by people working on your behalf. Copywriting and intellectual property is also worth mention. Check out how much cover your firm gives in case of breaches in copyright and confidentiality agreements.

Professional Indemnity Insurance for UK Contractors

Recently professional indemnity has widely become famous. Indemnity Insurance protects business from litigations claimed by the client for the losses that he might have incurred on account of any negligence, omission or error. This has been fairly recognized by the contractors and freelance professionals in UK. At freelanceinsure.co.uk you can easily get a quote for professional indemnity insurance. You can also select from five options and up to a limit of £2m. This all is only at the rate of £165 p.a. VISIT HERE

Professional Insurance

As a freelancer, your job is to provide professional advice/consultancy/services, on which your clients would rely to have their desired objective accomplished. However, the problem arises when a mistake, may be a miscalculation, misinterpretation, or misjudgment leads to unmet objectives. The responsibility is certainly yours, for which your client, who has suffered the loss, has full right to charge you. Charges may range from simply compensating for losses, or lawsuits, or in some cases both.

Of course, these situations are not common, a reason why most freelancers overlook the potentiality of these problems, and neglect the very fact that their business might be end up at stake in case such a claim is made. The only option is insurance. You can opt for a freelancers insurance and rest assured that you certainly wont have to wind up your business if such an undesirable situation arises.

Nowadays, most organizations choose freelancers who are protected by a freelancers insurance. Hence, this protection will prove to your clients that you are professional in your approach and reap the benefits of this advantageous rapport. It is very simple, just get insured and gain that much needed peace of mind.

Contractor Banking

Things to watch out for while choosing a contractor bank account

Rethink before opting to go with your existing bank where you do personal banking only because you are familiar. Your existing bank may not necessarily give you discounts, and better offers, but banks specializing in contractor banking may do that. Secondly, compare several bank offers before choosing one and bank only with those contractor banks having a strong background. Bank Charges are a key point to consider because banks often levy high charges when contractor banking is considered. As a contractor, you will be surely be doing a large number of transactions, hence ensure that your charges are at par with other contractor banking charges. Check out for online banking because that will ease away a lot work. Most banks provide Internet service; hence, it should not be much of a problem to find one for you.

Combined Business Insurance

As a contractor, you would be needing more than one type of insurances to protect respective part or portions of your business. For example, you need a public liability insurance to protect yourself from claims, etc made by your clients, employers liability insurance for protection against dissatisfied clients, a business equipment insurance for protecting your equipment, etc. Considering the paperwork and formalities that each set of insurance requires, or rather demands, it certainly makes sense if a single policy could include all these separate needs. This is what our combined business insurance policy offers. Our combined business policy gives a wide range of all-inclusive covers, and eliminates the need to purchase, maintain, and claim different policies, a great innovation, that lets you focus on your source of income, i.e. your freelance business.

Contractor mortgage

Arranging a mortgage is one of the most tedious tasks that contractors face. It doesn’t matter whether you are an IT contractor, a building contractor, or in any other field, but as long as you are a freelance contractor you have surely faced nightmares while procuring a mortgage. Applying for a mortgage loan is not a major problem…even making it through the initial process is fairly simple, but things become difficult during underwriting. Underwriters ask for accounts and this is where contractors fail. Very few contractors have a steady source of income, and this is portrayed through their bank accounts, which becomes a major reason of insecurity for underwriters.

Try our services if you are seeking a contractor mortgage. We have been helping thousands of contractors and small businesses become eligible for contractor mortgage. Our industry experience, knowledge of the mortgage industry, and dedication to serve makes us a leading name in the field of contractor mortgage.

Freelance Insurance Products

Professional Indemnity Insurance - Indemnity Insurance protects your business against compensation sought by a client if you have made mistakes or are found to have been negligent in some or all of the services that you provide for them.

Combined Business Insurance - This kind of combined business insurance cover includes Public Liability, Employers Liability, Business Equipment Insurance, and Business Interruption insurances for just £112 pa.

Legal Expenses Insurance - We can overcome the complexities of the Tax system but still get involved in tax disputes. Legal Expenses insurance covers against many legal expenses and disputes.

Personal Accident & Travel Insurance - This is for people who are contractors or have a business of their own, and are disabled or sick. If they are sick or injured, regular payments are made on a weekly basis up to a maximum number of weeks (52).

Health & Safety Insurance - Health and safety insurance is about preventing people from being harmed at work or becoming ill, by taking the right precautions and providing a satisfactory working environment.

Freelance Insure. Co . UK

FreelanceInsure was founded in 2005 with the aim of making a breakthrough in the freelance insurance market. FreelanceInsure has a wide range of options to cater to diverse needs of freelancers, without which, small mishaps may destroy their source of livelihood. Professional Indemnity Insurance is one way to lend freelancers a helping hand. This insurance will protects freelancers from today's contentious environment and guards them against unsatisfied customers who have suffered huge financial loses .It acts like a shield, and protects them during crisis. IR 35 and legal expenses insurance is another offering made by FreelanceInsure to remove the complexities of taxation and ease the burden on freelancers. The accidental and sickness service cover pays regular cash benefit to persons who are unable to work due sickness or fatal accidents. In short, we are short safe and secure.

By FreelanceInsure.CO.UK