Professional indemnity insurance, also known as PI insurance or indemnity insurance, can help protect you if claims are brought against you by a client due to a problem with work you have done for them.
You may need professional indemnity insurance if you:
- Provide advice to your clients
- Handle data belonging to a client or business
- Are responsible for a client’s intellectual property
- Provide a professional service and could be challenged on your work. You may feel confident in the quality of your work, but any small business is vulnerable to a claim of negligence when professional advice or services fail to meet a client’s expectations and cause financial loss.
PROFESSIONAL INDEMNITY COVER INFORMATION
Liability Insurance Quotes NZ can help protect you if claims are brought against you by a client due to problems with work you have done for them.
Professional indemnity cover protects you against risks such as:
| Risk | Example |
| Negligence |
Failing in your ‘duty of care’ to your client, such as giving incorrect advice or making a mistake in your work. |
| Intellectual property |
Unintentional infringement of copyright, trademarks or broadcasting rights. This includes any limitation or passing another’s products/services off as your own. |
| Loss of professional documents/data |
Includes damaged, missing or destroyed data belonging to a client or business while in your possession. |
| Dishonesty |
A director, employee or self-employed freelancer contracted to you is involved in a theft from the client. |
| Defamation |
Using or producing any material about other companies that may cause offence and that risks going beyond the intended internal audience, such as using case studies during an internal training session. |
Find the right level of cover for your business
When working out the right level of cover for your business, you should consider the:
- Size of the contract and client
- Potential cost of your defence costs if it came to the worst
- Maximum compensation that could be awarded against you.
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