Why do I need it?
In general terms Professional Indemnity Insurance (or Errors & Omissions as it is often known) is designed to cover the professional person or firm against claims arising out of their professional activities carried out in the course of their business.
All professionals must act with the reasonable skill and care of a similarly qualified contemporary. Claims arise when they have not met, or are alleged not to have met, this standard.
In the past only traditional professions such as solicitors, accountants etc … normally effected cover. However, any person providing advice or expertise is exposed.
Here at Towergate ghbc we are well versed in advising companies in a huge range of sectors and have developed a number of specialisms such as:
Media (Public Relations, Advertising and Marketing agencies)
Management Consultants
Technology - ISP’s to WAP gateways (including contractual liability cover)
Telecommunications
Solicitors
Where can claims come from?
A few examples include:
Breach of duty
Libel, Slander & Defamation
Unintentional infringement of Intellectual Property Rights
Misleading statements
Breach of Confidentiality
Misrepresentation
Dishonesty of Employees
And remember, claims don’t just emanate from your own clients, they can come from many other Third Parties, including your clients own customers and competitors.
Is it straightforward to arrange a policy?
Provided you use a specialist broker, then yes! Dovetailing the policy wording to your business requirements is essential and needs a prudent, considered approach. We would be happy to help.
Towergate ghbc is a trading name of Towergate Underwriting Group Limited and is authorised and regulated by the Financial Services Authority.
You can check our details on the FSA register (www.fsa.gov.uk/register) under Firm Reference Number 313250
