Skip to content
  • Home
  • About
  • Testimonials
  • Blog
  • Contact
  • Internet Terms and Conditions
  • COVID-19: Financial Difficulties
  • Product Guide
    • Cyber
    • Directors & Officers
    • High Risk Liability
    • Ice Cream & Catering
    • Licensed Trade
    • Medical Malpractice
    • Professional Indemnity
    • Property Owners
    • Terrorism
Address

1 Oak House, Woodlands Court,
Albert Drive, Burgess Hill,
West Sussex, RH15 9TN

info@bc-uw.com

01444 810 444

  • Home
  • About
  • Product Guide
  • Blog
  • Contact
  • Privacy Policy
  • Cookie Policy
Bennett Christmas Underwriters logo
Bennett Christmas Underwriters logo
  • Home
  • About
  • Products
  • Testimonials
  • Blog
  • Contact
DO I NEED PROFESSIONAL INDEMNITY INSURANCE IF I’M SELF EMPLOYED?

DO I NEED PROFESSIONAL INDEMNITY INSURANCE IF I’M SELF EMPLOYED?

Categories

  • Business
  • Personal
  • BC Underwriting News
  • Insurance Industry News
  • Cyber
  • Property
  • Uncategorised

Archives

  • October 2020
  • June 2017
  • May 2017
  • January 2017
  • November 2016
  • 2020
  • 2017
  • 2016
25th January 2017

More and more of us are discovering the joys of working for ourselves, leaving traditional workplaces to become self-employed or start our own small companies. Since 2008, the number of freelancers working in the UK has increased 36% from 1.4million to a staggering 1.91million.

According to a report by the Association of Independent Professionals and the Self Employed (IPSE), freelance workers are present in most of the UK’s major industry groups but are most strongly represented in education, health and social work (21%), professional, scientific and technical activities (20%), and arts, entertainment and recreation (12%). The report states that 255,000 freelancers take on independent work as a second job, whilst for 1.65 million freelancers it is their main occupation.

With so many self-employed individuals getting to grips with their own tax, laws and insurance covers, we ask if professional indemnity insurance should be on your shortlist…

What is professional indemnity insurance?
Professional Indemnity (PI) insurance covers individuals or organisations providing professional services to clients against things going wrong which lead to expense, either for the client or the provider. This could include claims stemming from breaches of professional duty, negligence, or just plain human error. Protecting your finances with PI insurance means you would be able to continue trading in the event of a case.

Do I need it?
Certain professions are more likely to need PI than others, and whilst it’s an industry requirement for some, for others it is simply good common sense.

In a nutshell, you need PI if you provide advice, services or designs which clients depend on, for example accountants, medical professionals, financial advisors, architects and property surveyors. Solicitors and legal professionals are required to have their own kind of PI insurance.

It is also a good idea to arrange this protection if you are an advisor of any kind. From HR and IT consultants to marketing gurus and graphic designers, if a business acts on your advice or uses your work and it results in damage to its finances or reputation, they could take action against you. Without insurance you may have to pay legal costs and damages out of your own pocket.

How do I choose the right policy?
Unlike home, car and travel insurance policies, which usually have a standard upper limit (the maximum amount your insurer will pay out in the event of a claim), PI Policies often have a choice of limits depending on your industry and your clients’ needs. Your relevant industry bodies may well make a recommendation on which one you should choose.

An insurance broker is often the best source of advice. At BC Underwriting, we can offer independent Professional Indemnity advice tailored to your profession and circumstances.

Give us a call today at 01444 810 444 to find out more.

 

Via: Broker Network

Newsletter Signup

    PostEmailTelephoneTexting

    Related articles

    DO I NEED PROFESSIONAL INDEMNITY INSURANCE IF I’M SELF EMPLOYED?

    With so many self-employed individuals getting to grips with their own tax, laws and insurance covers, we ask if professional indemnity insurance should be on your shortlist…

    Read More
    Read More

    UNDERSTANDING TENANTS INSURANCE

    Just because your landlord has cover does not mean that you do too.

    Read More
    Read More

    HOW DOES PROFESSIONAL INDEMNITY RUN-OFF COVER WORK?

    To understand how run-off cover functions, you first must understand how claims-made insurance policies operate.

    Read More
    Read More

    HOTELS: HANDLING THE WINTER WEATHER

    Winter weather can bring about a host of unique challenges for you and your employees

    Read More
    Read More

    WAKE-UP CALL FOR BUSINESSES AFTER NHS HIT WITH RANSOMWARE ATTACK

    Over the last 48 hours, news headlines have been dominated by the ransomware attack which has affected some NHS services and numerous other organisations around the world.

    Read More
    Read More

    SPRING INTO ACTION

    As the clocks go forward this weekend, there are a few things you should be aware of.

    Read More
    Read More

    THE RISKS FOR LICENSED PREMISES

    As the owner of a pub, bar or nightclub, the risks you face can sometimes seem endless. Here's how insurance can help reduce problems.

    Read More
    Read More

    LIABILITIES OF LETTING YOUR HOME

    If you are considering letting your home, consider the following.

    Read More
    Read More

    TOP 10 WAYS TO CONTROL YOUR EMPLOYERS' LIABILITY COSTS

    Insurers will likely analyse at your claims history when underwriting your employers’ liability premium.

    Read More
    Read More

    UTILISE SOCIAL MEDIA

    Businesses, especially brokers, cannot afford to forgo participating in social media

    Read More
    Read More

    HOW MUCH PI DO YOU REALLY NEED?

    Here are the three key aspects a business should consider.

    Read More
    Read More

    GET TO GRIPS WITH LINKEDIN

    Our guide to creating and maintaining a presence on LinkedIn

    Read More
    Read More

    SOCIAL MEDIA: AN INTRODUCTION FOR BROKERS

    With social media’s exploding popularity, it is increasingly risky for businesses to ignore this medium.

    Read More
    Read More

    DIRECTORS & OFFICERS INSURANCE: A BUSINESS ESSENTIAL

    D&O insurance gives directors and officers the confidence to know there is support to pay compensation or defend claims or prosecutions when things go wrong.

    Read More
    Read More

    THE NEED FOR PROFESSIONAL INDEMNITY

    The need for professional indemnity (PI) cover has grown over the past several decades as more people enter professional service-based professions.

    Read More
    Read More

    TERRORISM INSURANCE - DO YOU NEED IT?

    Terrorism is not new, but the frequency, audacity and geographical reach of terrorist attacks have noticeably increased in recent years. Does your business need cover?

    Read More
    Read More

    DIRECTORS AND OFFICERS

    Directors and Officers Liability (D&O) insurance is a fundamental component of any company’s risk management programme.

    Read More
    Read More

    ARCHITECTS AND ENGINEERS: THE NEED FOR PROFESSIONAL INDEMNITY

    As an engineer or architect, you work in a highly skilled, detail-oriented industry and are expected to provide quality design services that are free of errors or omissions.

    Read More
    Read More

    MANUFACTURERS NEED TO PRIORITISE CYBER SECURITY, WARN EXPERTS

    Are manufacturers putting off their cyber defences because they don’t believe themselves to be at risk, or because they simply don’t know where to start?

    Read More
    Read More
    Company logo
    • Home
    • About
    • Testimonials
    • Blog
      • Internet Terms and Conditions
      • Privacy Policy
      • Modern Slavery Act Statement
      • Cookie Policy
      • COVID-19: Financial Difficulties
      • Terms of Business
    • Products
      • Cyber
      • Directors & Officers
      • High Risk Liability
      • Ice Cream & Catering
      • Licensed Trade
      • Medical Malpractice
      • Professional Indemnity
      • Property Owners
      • Terrorism
    Contact

    1 Oak House,
    Woodlands Court,
    Albert Drive,
    Burgess Hill,
    West Sussex,
    RH15 9TN
    info@bc-uw.com
    01444 810 444

    Ethos Broking Logo

    BC Underwriting is a trading style of BC UW Ltd. BC UW Ltd is authorised and regulated by the Financial Conduct Authority (Firm Reference Number 573625), and is an appointed representative of Bennett Christmas Insurance Brokers Ltd which is authorised and regulated by the Financial Conduct Authority (FCA) (Firm Reference Number 435237). BC UW Ltd is authorised and regulated by the Financial Conduct Authority (Firm Reference Number 573625). Registered office: Hexagon House, Grimbald Crag Close, St James Business Park, Knaresborough HG5 8PJ.

    Website designed and developed by Bravo Networks © Copyright 2023.