What optional covers should I combine with my PI policy?
Do you have employees?
If you employ anyone outside of your immediate family, including casual workers, part-time workers and temporary staff, then the law requires you to have Employers’ Liability cover for injury or sickness claims from employees to minimum of at least £5 million. You should check carefully if you need it, because you can be fined £2,500 for each day you do not have suitable cover in place.
Do you have contact with third parties?
Any business which involves contact with customers – whether having people visit you, or you visiting them – should consider Public Liability cover. If you or your business ends up being responsible for injuring someone or causing damage or destruction to their property, then public liability insurance can cover the cost related to someone making a claim against you.
What would happen if you couldn’t work?
If you had an accident or received a serious injury, leaving you unable to work, then you can get Personal Accident cover which would pay a weekly or lump sum to help you while you recover. It provides financial help if you have a serious accident or injury, or if you suffer a fatal accident.
If something happened to your business premises that meant you had to re-locate or an unforeseen even interrupted the operations of your business leaving you at risk of losing income what would you do? You may want to consider taking out Business Interruption insurance to help you to maintain the turnover of your business during indemnity period following an insured incident so that you can resume trading at its anticipated pre loss trading level.
Do you have business premises and business equipment?
Computers, laptops and mobile phones and other equipment, and any other contents you have in your office can be covered with Contents Cover or Laptop and Mobile Phone Cover.
Both help to replace items in the event that they are damaged maliciously or by a storm, fire or other severe weather event, if they are stolen or robbed and a number of other types of qualifying conditions.
Have you had continuous PI Insurance in the past?
If you have had continuous Professional Indemnity insurance in the years previous to taking out a policy with The Insurance Octopus, we can help to ensure you have Retroactive Cover in place. This will protect you against any claims that may be made against you for previously completed work when insured by a different provider. It is important to make sure you do not let your Professional Indemnity insurance lapse to ensure you are eligible for Retroactive Cover.