There are, of course, many different indemnity policies which you can incorporate into your business insurance package. Public and employees liability will protect you against action taken against physical indemnity, typically caused by poor working conditions, or as a result of injury to clients or damage to their goods through negligent work. Professional indemnity cover protects your business in a similar way but for any injuries and damages that occur as a result of negligent advice or consultation offered by your company.
Additional Indemnity
The first liability package that businesses with employees should consider is the legally required employers’ liability insurance. There are few exceptions to this rule and so, if you have any employees within your organisation, it is highly likely that you will need employers’ liability coverage. You should also consider public liability as essential because this will protect you from injury or damage caused to clients or their property.
Unintentional Negligence
Professional indemnity cover offers protection for injuries or damage that are caused as a result of the advice you give as a professional. Whether you run an IT consultancy or provide consultations on health matters you have a legal requirement to provide your clients with accurate information. A failure to do so means that you could be held liable for any damages that arise as a result of poor information or inaccurate information.
Copyright Infringements
Another aspect which is covered by professional indemnity cover is copyright infringement. The advance of the Internet and social media has seen copyright infringement cases being heard more frequently and in a saturated market it can prove easier than you might imagine to inadvertently infringe upon an existing product or service copyright. Professional indemnity cover will protect you, should you be found guilty of this infringement.
Negligence By Employees
If your business employs others to conduct work for you, and they provide professional advice to clients, then your business is still liable for the quality and accuracy of this advice. Therefore, if an employee provides advice that leads to injury or causes damage to property then it is your professional indemnity cover that will protect you from the financial and reputational costs.
Visit TheBusinessOctopus.co.uk for more information on professional indemnity cover and to see how you can protect yourself and your business from almost any eventuality.
