It’s the kind of insurance that protects your
business from financially crippling and often reputation-damaging claims by
dissatisfied clients. Because in this
everything-by-yesterday world, even the most respectable companies can find
themselves in dispute with a client over a mistake. Below we list some of
the danger areas your business could be exposed to:
• Negligence: or breach of duty of care
• Intellectual property: unintentionally infringing on others’
copyrights, trademarks, broadcasting rights, any act of passing off
• Loss of documents/data: damaged, lost or stolen data and documents belonging to your clients
• Dishonesty: liability arising from the theft of your
clients’ money
Different
professions, different Professional Indemnity.
Which particular risks you are most likely to face depends very much on the nature of your business – obvious enough, you
would think, but other insurers make no distinctions in their policies.
An IT consultant is often left dangerously exposed by the service contracts he is required to work under. Breach of either
specific or implied terms in a contract is a well known
risk in IT.
A Marketing consultant on the other hand is considered more exposed to dangers such as
unintentional breach of privacy, or defamation (accidental libel or slander).
Management consultants are vulnerable to claims of negligence any
time their recommendations fail to come up to a clients’ expectations.
At Hiscox, we use our insight into these
three professions to offer cover against the problems that each are most likely
to experience.
How will it protect my business?
Professional Indemnity from Hiscox works in
a number of ways:
1. It will cover you if you make a mistake
in the professional services you have provided that leads to a dispute with a
client. If the dispute becomes complicated and nasty, Hiscox can
defend your claim - right through to the High Court, if necessary. Even if you
lose, the policy will still cover you for any
damages you then become liable for, subject to the level of cover your business
is insured for.
2. The policy will also cover the cost of
fixing any mistake on your part, thus avoiding a larger claim being made.
Fixing a problem before it becomes an even bigger problem is
simple common sense. Our approach helps all parties avoid wasting considerable time and resources on long and drawn-out
litigation.
3. You are also protected if you lose or
damage any clients’ documents in your care or if one of your employees are
involved in the theft of a clients’ money.
Other benefits include:
• Direct access to specialist claims staff
and advisors who understand your industry • Access to specialist legal teams to
defend a claim in court • Avoiding large legal costs your business
would otherwise have to pay for • Protecting your reputation as well as the
bottom line
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