Negligence on your part that damages a client financially or reputationally
Substandard work you produce that doesn’t meet standards agreed at the outset
Loss of data, documents or information you’re entrusted with
Unintentional copyright infringement that’s found to be your fault
What our business insurance expert says
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Need more help with your professional indemnity insurance?
This depends on the details of your policy.
Professional indemnity insurance typically covers misconduct claims for work you do while your policy is active. This means that if a claim is brought against you for work done 6 months or even a year ago, as long as you were covered at the time, your policy should pay out.
Some policies will also cover you ‘retroactively’. With retroactive cover, you’re covered for work you did in the past, even if you didn’t have insurance in place at the time. This can be useful as claims may not be brought against you for some time after the work you did was completed.
Policies with retroactive cover will normally come with a cut off period. Work done before this period will not be covered. They also tend to be more expensive than other policies, so bear this in mind.
Yes. Public indemnity insurance is classed as an ‘allowable expense’. This means it can be deducted from your costs when you calculate your taxable profit.
Other types of business insurance are tax-deductible too.