In the United States, this type of insurance cover is referred to as ‘errors and omissions’ cover, a title that actually encapsulates exactly what Professional Indemnity Insurance is and what it does.
Professional Indemnity Insurance is a form of liability insurance cover that can be acquired to protect business people and professionals and their companies from carrying the full costs of any court action taken by a client and any damages awarded against them in the event of losing a civil lawsuit.
The primary reason for professional liability insurance is that a typical general liability insurance policy will only deal with a bodily injury, property damage, personal injury or advertising injury claim. Other forms of insurance cover employers, public and product liability. Various professional services and products can give rise to legal claims without causing any of the specific types of harm covered by such policies.
Common claims that professional liability insurance covers are negligence, misrepresentation, violation of good faith and fair dealing.
Global Re Broking Solutions of St Leonards on Sea warn that without Professional Indemnity Insurance and/or Directors and Officers Cover businesses are at risk of being exposed to costly and potentially damaging legal disputes.
Can your business afford to take the risk?
Global Re Broking Solutions is a registered Lloyds Insurance Broker that is fully FCA compliant. The Company is highly respected for its excellent, long-lasting reputation for delivering a high quality of service at the very best price, typically saving clients up to 30% on their current premiums.
They work with a range of clients, from large multinational companies to smaller independent businesses, with premium sizes from £100 to £100,000 and beyond. Global Re Broking Solutions offers cover for businesses that offer advice, design, skills, and knowledge in a professional capacity.
Get reassurance for your business with specific cover from Global Re Broking on areas such as:
More than 3,000 professions across 11 tailored policy wordings
For UK based businesses
Breach of Professional Duty
Infringement of Copyright
Breach of Confidentiality
Fraud and Dishonesty
Designed to comply with your customers’ professional bodies’ requirements.
Your business will receive highly cost-effective professional advice and products to provide peace of mind and protection.
The Global Re Group was founded back in 1999 by Peter Matthews with the first of the group companies Global Reinsurance Consultants Ltd, which is one of the premier independent reinsurance consultancy firms operating in the worldwide insurance and reinsurance markets. They are a niche service provider offering a dedicated recovery, collection and commutation service to the reinsurance industry predominantly in the run-off arena.
As well as Professional Indemnity Insurance, Global products include:
Care Provider cover
Property Owner cover
Directors and Officers cover
Call a member of the Global Re Broking team today on 01424 858190 for advice you can trust.