Professional & Financial Risks
Protection when professional advice or services lead to a claim
Even experienced professionals can make mistakes. If a client alleges that your advice, design or professional service caused them financial loss, the legal costs and potential damages can place significant pressure on your business.
JL Insurance can help arrange Professional Indemnity Insurance around the services you provide, your contractual responsibilities and the risks associated with your profession.
Protection for the advice your business provides
Professional Indemnity Insurance is not limited to traditional professions such as doctors, lawyers and accountants. Any business that provides professional advice, designs, recommendations or specialist services may be exposed to a claim.
Depending on your profession and the cover selected, your policy may respond to:
Building & Construction Insurance
Business Insurance
Business Interruption Insurance
Contract Works Insurance
Cyber Protection Insurance
Management Liability Insurance
Marine Transit Insurance
Understanding professional risk
A professional claim does not always arise from advice that was provided. Your business may also face allegations that it failed to provide advice, identify a risk or meet the standard reasonably expected of someone in your profession.
Professional Indemnity Insurance is generally written on a claims-made basis. This means the policy usually needs to be current when the claim is made and notified—not simply when the advice or service was originally provided. Retroactive dates, notification requirements and maintaining run-off cover after retirement or the closure of a business can therefore be particularly important.
Policies can also contain industry-specific exclusions. Construction professionals, for example, may encounter restrictions relating to cladding, pollution or particular types of design and engineering work.
Service that stays with you
Professional Indemnity Insurance can be complex, and the wording, exclusions and limits can vary significantly between insurers.
JL Insurance takes the time to understand your services, previous work, contractual obligations and potential exposures. From arranging appropriate cover and reviewing policy terms to notifying circumstances and supporting you through a claim, you will deal with experienced advisors who understand your business.