PROFESSIONAL INDEMNITY INSURANCE covers intangibles, such as financial loss due to faulty design, poor advice, data leaks, or unintentional copyright infringement. Also, if you face legal action after a client finds custom-made content or software unsatisfactory, you'll be glad for professional indemnity cover. This type of insurance helps you cover legal fees and the cost of the claim and will also help you cover compensation you may owe due to damages.
When do you need Professional Indemnity Insurance
· Negligence results in a confidentiality breach, such as emailing sensitive client information to the wrong person.
· Advice given in a professional capacity leads to financial loss, such as a business consultant that recommends an investment which ends up causing a company in losing millions of shillings.
· A flawed design leads to significant construction challenges, more resource investment, and possibly makes the building or project design unfeasible to build.
· A company sues you because they feel your software doesn't perform as advertised, or because a coding error resulted in significant financial loss.
Professional Indemnity Insurance is essential for businesses such as professional consultants, architects, lawyers, accountants, digital agencies, software developers, business analysts, and marketing companies. However, even tradesmen will want Professional Indemnity Insurance to cover accidental loss of sensitive documentation, information leaks and the risk of giving poor advice.
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