Professional Indemnity

WHAT IS IT AND WHY DO I NEED IT?
 

Today we live in an increasingly litigious society. The one thing that seems certain is that the trend will not reverse and the likelihood is that we will see the “claims culture” continue to expand over the years.  More and more we are seeing increasing awards being settled, in and out of court, and an ongoing pursuit to apportion blame.
 
As professionals we all have a responsibility for a duty of care both to our customers and suppliers.  Claims can arise from either source and relate to an alleged failure in respect of advice, information, design or work completed, or wherever there is perceived to be a failure to offer a reasonable level of care.
 
All of us now are in a position where, whether innocent or guilty of errors and omissions or reasonable care with regards the control of our business, we can be drawn into long-standing and expensive actions against us.
 
In its simplest form, Professional Indemnity insurance is a legal liability contract to protect a member company in respect of their liabilities arising out of advice, design or recommendations given which fall below this reasonable level of care or have errors or omissions.

 WHAT ARE THE PROPERTY CARE ASSOCIATIONS RECOMMENDATIONS ON THE SUBJECT OF PROFESSIONAL INDEMNITY PROTECTION?
 
It has always been the practice of the Property Care Association to recommend that all members have adequate protection afforded to them through the purchase of Professional Indemnity insurance, both enhancing the professional status of members and guaranteeing a minimum level of protection to customers who choose Association members in preference to other traders.
 
The PCA Council has now decided that its members should have Professional Indemnity protection that offers an indemnity limit of at least £100,000 with retrospective cover.  Cover should be effected as soon as possible and confirmation of cover will be requested when membership is renewed at the beginning of each year. Members may already have appropriate cover in which case no further action is necessary.

To obtain quotes for this insurance you can either contact GRID insurance on 0845 389 0181 or Towergate risk solutions on 0870 905 0668