Whether you are just starting out a new career as an electrical engineer or you have been involved in the industry for a number of years, you need to make sure that you are financially protected across all of your work. One way to protect yourself is to ensure that you have an adequate professional indemnity insurance policy that covers your company and yourself personally.
In our latest post we have teamed up with professional indemnity insurance specialists Cavendish Munro in order to produce a beginners guide.
What is it?
Professional indemnity insurance is a form of insurance that covers any legal costs and expenses, or damages awarded in the event of inadequate advice or services that cause your client to lose money. Mistakes are an everyday part of life and while most are made accidentally it can have a very real financial affect on customers. Indemnity insurance aims to protect you, your client and your company from personal financial liability.
Who Should I Talk To?
There are many companies that offer professional indemnity insurance services but it is always advisable to speak to specialists such as Cavendish Munro. It is essential that all your needs are met and you have the right level of cover when you are take out indemnity insurance – different insurance companies provide different levels of cover so if you are purchasing for the first time, or even renewing your policy it is definitely worth consulting experts.
Another important aspect that is often overlooked when searching for brokers is to find a company who are completely independent and therefore are able to offer honest, unbiased advice that is right for you – choosing the wrong insurance policy can be just as bad as having no policy at all.
Looking for an insurance company that has direct links to the Lloyd’s market could also mean that you get a better deal on your policy. There are only 190 Lloyds brokers across the world who have access to the Lloyd’s market – a group of syndicates and managing agents who are specialists in underwriting policies.
Whenever you are searching for professional indemnity insurance you want to make sure you get the best deal which covers you for everything that you need.