Professional Indemnity Insurance (PII) is important for contractor/individuals who are engaged in some form of professional service or provide professional advice to their clients. Professional Indemnity Insurance (PII) is necessary as it protects a contractor/ individuals from the risk of getting into a dispute or being challenged by AN unsatisfied client. Professional Indemnity Insurance (PII) will provide a contractor/individual with professional representation, and pay for indemnity in case a client effectively sues for mistakes made as a contractor. These mistakes could be in the form of:
If an individual opts to start working as a contractor, there might be chances that he / she is obliged to take some kind of business insurance. Usually, clients expect third party contractors to have necessary professional insurances and be covered for business legal responsibility and professional indemnity. Most umbrella companies in the UK make available blanket insurance cover for their employees, however, in case of a limited company contractor, the responsibility for taking the correct insurance policy is on the contractor.
As per the requirements of industry bodies' regulatory, numerous business sectors need PII. These business sectors could include, but not limited to, accountancy, surveying, engineering etc. Professional CONTRACTOR/individuals (such as business consultants, management consultants, and IT contractors) who opt to work on a contractual basis without doubt will need contractor professional indemnity insurance in order to be awarded a contract. Even if an individual is not officially obliged to have PII, without having it could cost thousands of pounds in reimbursement and additional legal charges to defend a claim. Irrespective of the size of a business, with no PII cover the financial position of an individual could be left susceptible if a claim is raised against them. Even though all professionals strive to provide exception service, there are possibilities of making a mistake; knowing that an adequate insurance is in place will give a professional peace of mind and keep the organisation covered for risk.
If an individual/contractor provide design, advice, or an addition professional service to a client, it is imperative to have PII. Professionals contractor that may need professional indemnity insurance cover encompass consultants, designers, IT professionals, dance teachers, fitness professionals, school professors and private tutors, and recruitment professionals.
Whether an individual is a self-employed IT consultant or operates through a small consultancy firm, it is he /she who will be accountable for counselling clients on how to improve their systems. However, one small mistake (an unintentional incorrect guidance) may lead to extensive loss of sensitive data. If an individual makes a mistake, through PII for IT consultants, he / she can be protected. Through insurance, an individual may have up to £5.0mn cover for legal defence and compensation costs.
From creating digital marketing websites and writing content on the WebPages, to advising clients on how to manage their brand equity – all this involves a lot of sensitive information pertaining to copyrights and intellectual property. However, a small mistake, for example using a copyright-protected image without permission, could lead to a big compensation claim. With DNS' PII guidance, legal defence and compensation costs could be protected. Marketing and advertising professional might cover:
As a contractor, the nature of work varies with each new assignment and since clients are relying on the wealth of knowledge of a contractor, he / she hold a trusted position in the eyes of the client. There might be a scenario when a PII is required by some client – hence buying cover can help make sure that the contractor is best placed for all the business opportunities that come his / her way.
We have been providing services in the UK to various clients and we also provide professional indemnity insurance to professionals, including:
We work with Caunce O'Hara, an insurance specialist firm in the UK, and offer small-business with the most appropriate insurance packages. Insurance packages include: Professional Indemnity Insurance (PII) which protects business against any legal cost for professional negligence; Employer's liability Insurance helps business pay for the employees in case of any mishap at work; Public Liability Insurance policy to cover against any damages asserted by members of public. Apart from these other products include officer's liability insurance, personal accident and sickness insurance, office contents insurance, and product insurance and directors.
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“I've recently set up a Ltd. Company and signed up with DNS for my accounting services. I've found it very good value for money and hugely helpful in terms of advice and guidance. I have a named Account Manager, Sneha Gurudutta, who keeps in contact with me and offers advice on line and on the phone... I'm really pleased with the service.”