Several key sectors have seen rises in professional indemnity cover costs. Figures have shown that the costs of compulsory indemnity insurance cover have risen to by 20% on the previous year’s figures.
The costs of all types of insurance cover have been steadily increasing in recent years. Professional indemnity cover is no exception. Premiums are rising across the board and professionals will need to make sure they shop around to get the best deals out there for cover. We can help as we compare over 20 insurers to help you save money and time.
Why Invest in Professional Indemnity Cover
Professional indemnity cover has never been more important. It is now easier than ever for the businesses and individuals to bring lawsuits against professionals in respect of negligence or dishonesty. You need to ensure you have protected yourself and your business against any possible legal action.
When it comes to negligence cases it does not matter if you are innocent or guilty. There will still be significant legal costs involved so you do need to make sure you are fully protected by the best professional indemnity cover.
Professional Indemnity Cover
A wide range of professionals benefit from indemnity cover. This protects your finances if a client or third party brings a case of negligence against you or your company. This could be in relation to services that you have provided or advice you have given in your professional capacity.
- Professional indemnity cover can protect you against claims for damages or loss of earnings and also cover legal costs.
- In many professions professional indemnity cover is a regulatory requirement and forms a part of the professional authorisation to operate. This includes accountants, solicitors and independent financial advisers.
- These sorts of professions do leave people open to lawsuits as they will be giving out sensitive professional advice that could impact significantly on their client’s lives.
- With professional indemnity cover they will be protected in case any clients or third parties decide to bring a negligence case against them.
- Other professionals working in non-regulatory sectors can also benefit from this type of cover such as consultants, marketing agencies, agents and designers.
If you are looking for competitive ways to combat the rising costs of professional indemnity cover then contact The Insurance Octopus today. This is a great way to make the most of your money when it comes to essential insurance cover.