A Vestura Group company | 01509 380 127 | hello@rootsinsurancebrokers.co.uk
Members of certain industry bodies are required to hold specified insurances to maintain their qualifications and membership, and by not holding those insurances the ability of the business to trade is impacted and possibly unauthorised. Ensuring you hold the correct insurances is therefore key to being able to earning a living.
Most often it is professional indemnity, or PI as it is known, that industry bodies insist on their members holding. PI is a common requirement for those businesses who provide advice, designs or other professional services to clients, and protects them from the costly legal fees when a third party has suffered financial loss as a result of alleged errors or omission by the business whilst providing their service.
If a claim gets made, and even if it’s completely frivolous or unfounded, alleging that you have been negligent the costs can run into tens, sometimes hundreds of thousands of pounds just to deal with it. Ensuring you are protected against such sums is crucial in allowing your business to continue and provides you with peace of mind should the worst happen.
Professional Indemnity, commonly known as just ‘PI’ protects your business against the costly legal fees in defending an allegation of financial loss suffered by a third party following your error and/or omission. This often results from providing incorrect designs or sub-standard advice to clients.
Cyber insurance policies provide cover for first party risks, which is your business, and third-party risks. Cover is provided for liabilities and your own losses, such as IT security, legal and regulatory costs, something that can run into the hundreds of thousands of pounds.
PI is crucial for those who provide designs, advice or professional services to clients, where a client contractually insists you hold the insurance before commencing work for them, and where a membership body mandates it as a requirement under their affiliation.
– IT contractors & consultants
– Business & management consultants
– Technical & engineering contractors
– Accountants
– Surveyors & architects
Great news… we do! The modern world moves at a rapid pace, and so do Roots and the insurers it works with. This means we are constantly reviewing our offerings so that we can provide cover to new and emerging professions, and for a range of policies tailored to their needs.