Professional Indemnity Insurance is the foundation for most architects’ insurance. While you do all you can to prevent mistakes in your work, this isn’t always possible. Sometimes something as small as an incorrect measurement or a piece of bad advice can cause your clients to suffer financial loss.
With professional indemnity insurance included in your insurance programme you and your business will have protection from the costs of compensating a client if you make a mistake in a piece of work for a client that causes them financial or reputational loss.
When you’re looking for professional indemnity insurance, it’s not always easy to get the guidance you need to find a policy that’s right for you. Thats because it isn’t like a general commercial insurance policy; and therefore, not all ‘general’ insurance brokers have the expertise to advise you correctly.
Even if you’ve done nothing wrong, the cost of defending yourself against claims for negligence or mistakes that leave your client out of pocket can be very high.
- Negligence – if you provide incorrect advice or make a mistake.
- Breach of confidence – sharing (commercially) sensitive information without permission
- Lost or damaged documents, money or goods – if you lose money, or lose/damage documents or goods whilst in your care.
- Defamation – If you produce or support libellous comments.
- Breach of copyright – Limited cover is available if you infringe copyright, trademarks or intellectual property (see intellectual property insurance for our full cover option)
- Employees – If your employee causes a loss for a client.