Professional Indemnity insurance is a vital safety net for professionals across the UK. It is a regulatory requirement for many regulated firms including architects, engineers, surveyors, accountants and solicitors whilst for others providing advice or services it is commonly insisted upon by their clients.
It is designed to protect individuals and businesses in the event of professional negligence. Professional Indemnity insurance is a very important facility to safeguard businesses financially as even spurious allegations can incur significant defence costs and without insurance, these costs will need to be met by the business.
Mistakes can and do happen from time to time and while they are not made intentionally, they can cause a client significant financial loss. As a professional in your field you are employed by your client based upon your expertise and skill set – so when something goes wrong you are likely to be held liable for any additional costs incurred or losses suffered by your client.
Professional indemnity insurance protects the company, and its employees from the costs of such claims.
Why use a specialist?
Using a specialist is vitally important when you are considering taking out a policy of this nature. Different insurers offer different levels of cover so it is important that you fully understand the type of cover that you are purchasing before you do so. For example, if you are switching your policy to from one insurer to another, you would want to ensure that you still have the same cover required to match your needs.
As a specialist in the industry, Cavendish Munro ensures that they fully explain what your policy means to you with all the jargon cut out. They make sure that you have the correct cover, that you understand any exclusions that apply and they talk you through any extras and the benefits of certain policies.
Fully Independent of Insurers
Cavendish Munro work together with their clients in order to assess their needs and agree the level of cover that they require. Being independent also allows them to offer unbiased and honest advice as well as provide a bespoke, tailored service to our clients.
Based in the city
Although based in London their brokers regularly travel around the country in order to meet with clients which helps us build quality, lasting relationships. They know the importance of understanding who you are dealing with on such important matters so putting a face to a name can offer real assurance.
The Lloyd’s market is a group of managing agents and syndicates who have a wealth of expertise in all classes of specialist underwriting. Their key location in the city combined with an extensive history means that they have built up excellent relations with underwriters and insurers. Cavendish Munro is one of only 190 Lloyds Brokers across the world, which means that they are part of an exclusive group able to demonstrate a high level of professionalism, integrity and customer service.
Their brokers also have experience in placing complicated and difficult risk, successfully managing the process on behalf of a variety of clients. They are able to comprise strategies, processes and reporting systems in order to assess individual or aggregated risk.
Their ability to access and approach these syndicates means that they are able to provide customers with the best possible range of professional indemnity insurance.
This post was originally posted at Cavendish Munro.