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What is Professional Indemnity Insurance?
This class of insurance provides you with cover forfinancial loss caused to a client, as a result of your neglect, acts, errors oromissions. The policy will pay the legalcost of defending you, as the contractor, and the financial loss due to theclient.
Professional Negligence can be defined as: ‘the failure tomeet the standards of care to be expected from the average competent andexperienced practitioner so as to render the professional person committing theact, error or omission liable at law to a client or some other third party’.
Who is covered?
Ø Any person who is or has been a Partner orDirector if the Assured
Ø Any person who is or has been employed under acontract of service including selfemployed person
Ø Estates and/or legal representatives in theevent of death or incapacity of the person noted above
The person must be undertaking work for or on behalf of theInsured for cover to operate.
Why do I needProfessional Indemnity Insurance?
The majority of contracts these days do have a requirementfor you to have Professional Indemnity Insurance in place. By not having this you could be breaching theterms of your contract. In addition,there is nothing more reassuring than piece of mind and having this cover inplace gives you this piece of mind to continue undertaking your work.
Caunce O’Hara & Co Ltd
IT Contractor Professional Indemnity | IT Contractor Liability
