Professional indemnity insurance for small businesses
If your business gives any professional advice or provides designs to your customers, then you may be held responsible if they suffer a financial loss due to a mistake or error on your part. At the heart of professional indemnity insurance is a necessity to protect against potential legal costs that may come as a result of these mistakes and errors.
Lukango has partnered with Markel Direct, who underwrite and administer the policies, to make professional indemnity insurance available to small businesses.
Here are a few real life claim examples:
- A renowned architect is sued by their unhappy client for the costs of fixing an extension that was built from a structurally flawed design.
- Without getting the right permissions first, an ecommerce business that sells trendy fashion used a brand logo on an item of clothing. The owners of the copyright were furious, putting in a claim against the small business.
- A client sued his web designer for using unlicensed images on their website.
Find out more about professional indemnity insurance below or click here to get a quote:
Professional indemnity insurance can protect your business from claims caused by
Bad advice
Copywriting infringement or defamation
What is professional indemnity insurance?
Professional indemnity insurance is designed to provide financial protection for professionals in case they are sued by a client or third-party for professional errors or negligence. It covers a wide range of expenses, including legal fees, court costs, expert witness fees, settlements or judgements against you.
Get professional indemnity insurance for your small business from our insurance partner Markel Direct and:
- Get tailored quotes in minutes
- Get covered and all your documents the same day
- Access UK-based expert support, online and on the phone
Do I need professional indemnity insurance cover?
If a business provides professional services, including advice (whether paid for or not) or designs, it may be held liable if a client experiences financial loss due to a mistake or error. Professional indemnity insurance is a type of cover designed to respond to certain claims and associated costs arising from these situations, depending on the terms and conditions of the policy.
Frequently asked questions about Professional Indemnity
- What types of business might benefit from professional indemnity?
Professional indemnity insurance is a type of business insurance that relates to claims made against a business for financial loss caused by errors, omissions or negligence in professional services, advice or designs that it provides.
This type of insurance can be relevant to businesses that provide professional services, advice or designs to customers. What is covered and how it applies depends on the insurer and the terms of the policy. To understand what options are available for your business, you can speak to Markel Direct, Lukango’s insurance partner.
- What does professional indemnity insurance cover?
Professional indemnity insurance is a type of business insurance that can cover claims made against a business for financial loss arising from errors, omissions or negligence in the professional services it provides. This can include claims for things such as legal costs and compensation.
Some policies may also include cover for certain other types of claims, such as those relating to intellectual property or confidentiality, depending on the insurer and the policy. To understand what is covered and how it applies to your business, you can speak to Markel Direct, Lukango’s insurance
- What does the ‘limit of indemnity’ for professional indemnity insurance mean?
The limit of indemnity is the maximum amount an insurer would pay towards a claim under a professional indemnity insurance policy. The level of cover available can vary depending on the insurer and the terms of the policy.
To understand what limits are available and how they apply to your business, you can speak to Markel Direct, Lukango’s insurance partner.
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