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Here are some reasons why you may need Professional Indemnity Insurance which might help make things clearer:
Professional indemnity is designed to provide cover to professions who give advice or provide a service as part of their business. Examples of professions that normally require PI are:
This is not an exhaustive list as many professions can require PI Insurance.
Professional Indemnity Insurance provides cover for legal costs and expenses incurred in your defence, as well as any damages or costs that may be awarded, if you’re alleged to have provided inadequate advice, services or designs that cause your client to lose money.
Professional Indemnity Insurance is designed to protect you against the cost of dealing with a claim from a disgruntled customer. Whether that’s due to a mistake in measurements or strategic advice that ends up losing a client money, it’s important to ensure you’re covered should an error occur.
For example, you may be faced with paying compensation to a client if they make a claim of:
Your business is unique so it’s not always easy to know how much cover you need. Your cover requirements can depend on many different factors.
If your customers visit your premises, or you visit their offices or homes, then you may also need Public Liability Insurance.
Liability insurance provides protection in the event of an accident or injury to your customers or members of the public, or damage to their property.
We know your business is important to you, and keeping it safe and secure will allow you to focus on the important day to day tasks.
This service will provide you with access to specialist insurance advisors who will search a panel of leading insurers offering a range of products. To get you the cover you need at the price you want.
Lloyds Bank plc is an introducer to Arthur J. Gallagher Insurance Brokers Limited who arrange and administer Lloyds Bank Business Insurance Services and source products from a panel of insurers.