Professional Indemnity

Professional Indemnity insurance protects you against claims made by dissatisfied customers in the event that you have been professionally negligent.

The policy will also cover the legal costs of defending, negotiating and settling claims made against you in addition to damages awarded against you. 

Depending on the scope of cover other elements of professional risk can be insured, either automatically, or as extensions to the policy. These can include:

• Libel & slander
• Liability for Loss of Documents and costs and expense incurred in replacing or restoring them.
• Breach of Confidentiality
• Unintentional breach of Copyright
• Liability arising from dishonesty of your employees
• Breach of Warranty of Authority

Cover is written on a "claims made" basis.  This means that any claims  are dealt with under the terms of the policy in force at the time the claim is notified, and not the policy that was in force at the time of the original error or omission of which has led to the claim.

If you lapse cover for any reason then there may be no cover for any new claim or circumstance irrespective of when that/those matters were alleged to have been perpertrated. 

You could be legally liable for matters a number of years after an error or omission was committed/omitted thus insurance cover should be maintained/in force even if your practice is no longer in being and for as long as you may be legally liable. 

Insurance is available for a range of different disciplines.

The cost of individual policies will be determined by a number of factors but mainly:

• Type of Activities undertaken
• Fee/Turnover for last Financial year
• Claims record
• Limit of Indemnity (whether "any one claim" or "aggregate")
• Self-insured excess

A copy of your trading Terms and Conditions is often required by Insurers.

If you need to discuss your Professional Indemnity insurance requirements then please email enquiries@rmci.co.uk or contact us on 0870 7574 870.