Professional Indemnity

03 February 2015

Professional Indemnity Insurance - Know Your Contractual Requirements

Written by Jon Norman, Posted in Professional Indemnity

As a self-employed freelance contractor or consultant, you will be familiar with entering into contractual arrangements with either agencies or larger firms.  Many people believe that the basis of these contracts will effectively be the same each time and often sign lengthy documents without full analysis of the required contractual terms.

However, in reality you could be inadvertently agreeing to some relatively onerous terms and conditions – one of which often surrounds Professional Indemnity Insurance.

15 January 2015

Estate Agents Professional Indemnity - Are You Communicating Clearly?

Written by Jon Norman, Posted in Professional Indemnity

The advent of Agents Mutual and their “OnTheMarket” portal is set to shake up the property world.  The contractual requirement for Estate Agents utilising “OnTheMarket” to market properties online via only one other portal is controversial and a source of huge debate across the property community. 

In reality, the end client will decide how the online market develops and which portals will succeed.  However, one angle which many agents may overlook is the Insurance perspective, it is important to understand how an Agents actions could impact their susceptibility to Professional Indemnity Insurance claims.

14 December 2014

Professional Indemnity Explained - Help! Client Is Refusing to Pay Me

Written by Jon Norman, Posted in Professional Indemnity

Recently I was contacted by an Insync client who had received an official letter from his end client who was refusing to pay the balance of his invoice for services received, sadly an all too familiar occurrence for Professionals, but I thought that by sharing the outline of story it might help others avoid a Professional Indemnity claim, or worse still, costly legal bills.

01 December 2014

What Type Of Business Insurance Does an Estate Agent Need?

Written by Jon Norman, Posted in Professional Indemnity

Operating in today’s busy property market can be both challenging and rewarding.  As a Property Professional, Insurance risks can vary from property exposures for office equipment or contents, liability risks for slips, trips or employee injury, to more complex financial exposures such as Professional Indemnity or Crime Risks.

12 November 2014

Does My Business Need Professional Indemnity Insurance?

Written by Jon Norman, Posted in Professional Indemnity

Professional Indemnity insurance offers protection from damages arising from the provision of, or failure to provide, professional services. As a perceived expert in your field, law dictates that you have a heightened duty of care for both the advice and professional services you provide.

31 October 2014

Professional Indemnity Explained - IT Insurance Terms You Need to Know

Written by Jon Norman, Posted in Professional Indemnity

Technology and IT companies own valuable intangible assets, such as intellectual property, sensitive data and / or software.  A general Public Liability Insurance policy only provides protection in the event of bodily injury or property damage, often leaving many key risks exposed. However, bespoke Tech Insurance cover is designed to protect against the significant risk of economic loss related to Errors and Omissions (Professional Indemnity Insurance), intellectual property, network liability, and network and cyber property security.

20 October 2014

Professional Indemnity Insurance Explained - It Pays To Be Prepared

Written by Jon Norman, Posted in Professional Indemnity

As a professional, you are expected to provide quality services within the accepted standards of your area of expertise. But despite your best intentions, mistakes or misjudgements are bound to occur and can have serious consequences.  Often you may not feel that you have been negligent, but that will not stop Clients suing you (or your company) should they take a different view.

14 October 2014

Architects and Engineers - You Need Professional Indemnity Cover

Written by Jon Norman, Posted in Professional Indemnity

As an engineer or architect, you work in a highly skilled, detail-oriented industry and are expected to provide quality design services that are free of errors or omissions. Despite your expertise, knowledge and best intentions, the reality is that not all projects are error-free, and eventually a mistake or misjudgement is bound to occur. Even the smallest error can have serious consequences.

01 October 2014

Estate Agents Professional Indemnity - Protect Data from Identity Theft

Written by Jon Norman, Posted in Professional Indemnity

As a Estate Agent or landlord, you handle a large volume of personal information. Not only do you have to keep existing tenants’ information on hand, but you also have information collected from prospective tenants during the rental process. Collecting sensitive personal information is essential for thorough tenant referencing.

However, because of this abundance of personal information, more and more property managers are becoming targets of identity theft.  Loss of personal data can result in regulatory fines or potential third party claims under your Estate Agents Professional Indemnity Insurance.

01 October 2014

Estate Agents Professional Indemnity & Business Insurance ?Check-Up?

Written by Jon Norman, Posted in Professional Indemnity

As a Estate Agent or landlord, you handle a large volume of personal information. Not only do you have to keep existing tenants’ information on hand, but you also have information collected from prospective tenants during the rental process. Collecting sensitive personal information is essential for thorough tenant referencing.

However, because of this abundance of personal information, more and more property managers are becoming targets of identity theft.  Loss of personal data can result in regulatory fines or potential third party claims under your Estate Agents Professional Indemnity Insurance.

22 September 2014

Why Professional Indemnity Insurance Cover Alone Is Not Enough!

Written by Jon Norman, Posted in Professional Indemnity

As a professional, you are expected to provide quality services within the accepted standards of your profession. But despite your best intentions, mistakes or misjudgements are bound to occur and can have serious consequences. Clients could sue you or your company, and in addition to paying to defend yourself in court, you would also be responsible for potentially extensive compensation costs if found at fault. If you fail to protect yourself against this liability, the consequences for your business could be financially devastating.

09 September 2014

Do I Need Professional Indemnity Insurance?

Written by Jon Norman, Posted in Professional Indemnity

In our blog Professional Indemnity Explained we took a helicopter view of what PI Insurance is and some practical examples as to how this could protect your business. So now you know what is, you might still be asking yourself if you need it.

Let’s unpack some more of the jargon and see if we can help you through the Insurance maze!

07 September 2014

Professional Indemnity Insurance Explained - Idiots Guide to PI Cover

Written by Jon Norman, Posted in Professional Indemnity

Chances are, if you’re reading this, that someone has asked or told you that you need to buy a Professional Indemnity policy. No doubt you’ve heard the term, but as with all insurance products, there is a simple explanation hidden beneath the jargon, let's see if we can simpify things so that you can get a handle on the key basics.

18 August 2014

Professional Indemnity Insurance - Cover for the Accused??

Written by Jon Norman, Posted in Professional Indemnity

I’m not sure it’s a good thing to admit, but I have been working with businesses and their Professional Indemnity Insurance requirements for over 25 years!  If I had a pound from every client that had said they had no need for PI Insurance as they “Don’t make mistakes” and “In any case, we are protected by our Terms and Conditions of Contract”, then I would have retired long ago……

In reality having strong procedures and contracts is excellent business practice, but sadly it won’t stop someone issuing a legal challenges or accusing you of making a mistake, all of which takes time and expense to resolve regardless of whether the accusation has any grounds whatsoever!

21 July 2014

IT Consultants - Professional Indemnity Insurance ?Health Check?

Written by Jon Norman, Posted in Professional Indemnity

Running a technology business in a fast paced environment can be highly rewarding, but equally, when you are busy, we can often become distracted from infrastructure processes and back office tasks. 

Let’s face it, PI Insurance is hardly likely to be the topic that sets pulses racing, nevertheless, it is a key element in protecting your company from adversity and it’s all too easy to keep your policy document in a file and only review it when you suffer a loss.  This is a dangerous game, if insurers are not up-to-speed with your latest business activities or contracts you may find that you are not adequately covered!  Our “Health Check” series examines the typical insurance areas which you may need to consider.

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