Businesses entering into collateral warranties are by doing so agreeing to have and maintain professional indemnity insurance cover. In other industries where client’s terms of business prevail we advise companies to seek professional legal advice from contract lawyers prior agreeing to terms as companies can stipulate under their contract conditions that certain suppliers must have and maintain professional indemnity insurance cover.
As with all insurances the scope and level of PI Insurance cover is often only scrutinised in the event of a professional indemnity insurance claim been notified. If a business has contractually undertaken to arrange PI cover but for what ever reason failed to do so they would not only be in breach of their contract conditions but also financially exposed.
Any individual giving advice in whatever capacity is recommended by Insurance2day to arrange professional indemnity insurance cover to protect both themselves personally, if they are operating as a sole traders, and/or the business in the event of a claim arising due to alleged errors or omissions.
PI Insurance cover can be arranged instantly online via our insurance2day.co.uk/professional-indemnity-insurance website from £183.75 for over 70 occupations. Alternatively call 0800 055 6083 to speak with an adviser to discuss your requirements in more detail or click here for a quote.