As a professional person or firm you require professional indemnity insurance as you owe a duty of care to your clients and third parties. This means that you are required to exercise ‘reasonable skill and care’ when providing your services to your client. A professional indemnity insurance policy arranged by aba will protect you against claims from dissatisfied clients for negligence, errors and omissions. It will also meet any damages you have to pay. A professional indemnity insurance policy will also pay the costs of defending any allegations or claims made against you, whether these are valid or not. Traditionally, firms such as accountants, architects, solicitors and surveyors took out professional indemnity insurance. Many businesses in the contracting sector and machinery and equipment installers now also have to arrange cover. Professional indemnity insurance is usually written on a ‘claims made basis’. This means that the policy in force at the time that the claim is made will deal with the loss. Most liability policies deal with a claim based on the date or dates that the defect occurred. This does mean that once professional indemnity insurance is arranged, the cover has to be maintained. For a quotation, please click here to contact us.