Professional indemnity insurance - things to consider

Professional indemnity insurance is quite unique in that it is generally underwritten on a claims-made basis. This means that a policy must be live when a claim is issued against you. So, if your contract finishes and you cancel the policy, you will not be covered for the work you have done.

When taking out a new policy, many insurers can include a retroactive date with their professional indemnity policy, which covers for work completed during that period i.e. if you have 2 years retroactive cover, you will be covered against claims connected with work you’ve carried out during the previous 2 years. This could be an essential option for you, especially if you have undertaken a lot of high-risk work in the past.

Professional indemnity insurance – essential insurance for you?

This guide aims to highlight some of the ways a professional indemnity policy can work for you or your small business. While professional indemnity may be compulsory insurance for some businesses, for others it gives significant peace of mind. Ultimately, by preparing for a number of legal eventualities, it is another way of looking after the long term future of your business.

If you are unsure of whether you require professional indemnity insurance please don’t hesitate to contact the Constructaquote.com team, who can supply you with additional information and provide you with a competitive professional indemnity quotation as well.

<Part 3: What does it cover?

Covered in this guide

Part 1: Introduction

Part 2: Who needs it?

Part 3: What does it cover?

Part 4: Things to consider

Constructaquote.com is a trading title of Moorhouse Group Ltd which is authorised and regulated by the Financial Services Authority. The Financial Services Authority's Register can be accessed through http://www.fsa.gov.uk/Pages/register Reg No 308035.

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