YOUR FMB PROFESSIONAL INDEMNITY
financial loss caused by your negligence, advice or services; loss of any data or documents that belong to the client; defamation such as making claims about a person and/or business that could damage their reputation; breach of confidentiality, such as sharing sensitive information without consent; and providing incorrect information, including as a casual comment, that could count as advice. Why do you need Professional Indemnity Insurance? If any type of mistake you or your team make has a costly impact on one of your clients, this type of cover can protect the future of your business. If you offer specialist advice, services or designs, or deal with data and intellectual property, you could benefit from Professional Indemnity Insurance. The policy takes care of your legal costs and expenses – subject to terms and conditions – in defending any claims made against you and covers any compensation required to rectify the mistake. The introduction of The Building Safety Act 2022 means you could be at greater risk to claims from clients and other third parties without quality Professional Indemnity Insurance. It’s more important than ever to invest in business protection. Whether you have a question about Professional Indemnity Insurance or you’re ready for a quote, contact our team on 01353 652 760 today.
PROTECT YOURSELF
Here’s your essential guide to Professional Indemnity Insurance to keep you and your business safe
W hen working on a project, you’ll regularly offer advice to your client on various aspects of the build. Despite your best intentions when giving advice based on your experience in construction, there are occasions when your client may disagree with you. Mistakes happen. No matter how careful you are there is always the possibility that an error could occur and end up costing you. These can have a devastating impact on your company’s finances if you’re not covered. Should a claim be made against you, Professional Indemnity Insurance can protect your business and finances. What is Professional Indemnity Insurance? It is a commercial policy designed to protect business owners, freelancers and the self-employed against claims for loss
or damage made by clients or third parties as a result of the impact of negligent services or advice they have provided. For example, a client might sue an organisation if it provided incorrect information that resulted in the client losing money. Professional Indemnity Insurance protects you against claims for: injury to anyone on site, such as your employees, contractors, clients, suppliers or visitors; damage you may have caused to property, goods and materials, machinery, tools or vehicles; negligence; for example, mistakes or errors made by you or your employees when supplying services or giving advice;
Complete construction support
We can manage all of your business protection under one roof, delivering the right policies for the right situations. Our insurance and warranty products include Latent Defects Insurance, Public and Employers’ Liability Insurance, Contract Works Insurance and more. Get in touch on 01353 652 760 or at insurance@fmb.org.uk
breach of duty such as failure to complete work that is of an appropriately high standard;
Master Builder 42
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