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Sharjah Publishing City Free Zone, Ground Floor, Al Zahia Area - Sheikh
Mohammed Bin Zayed Rd – Sharjah
As a business owner, you want to protect your business in as many ways as you can. Professional indemnity insurance, also known as PI insurance, covers you should a client or customer claim that your service, advice or design is inadequate, is not as expected or resulted in financial loss for the client. It would cover any legal costs and other expenses incurred in your defence, as well as damages or costs that may be awarded to your client.
Many professions need to have professional indemnity insurance as part of their respective industry body’s regulatory requirements. Even if you are not obliged to have PI insurance, without it, you could be liable for thousands of pounds worth of legal fees and compensation payments – not to mention lost income from the time spent defending any allegation. You are likely to need professional indemnity insurance if:
A graphic designer was briefed by their client to provide price tags that would fit round the stem of Christmas trees.
The tags would need to withstand exposure to the elements and stay fitted to the tree while it grew. The tags did not survive the test of time; the ink ran, rendering them useless to the client. The client lost money due to this oversight and took legal action against the graphic designer for professional negligence.
The graphic designer's professional indemnity insurance policy covered their legal costs and compensation payments to the client, a total cost of over £3,000. The client didn't pursue their claim for the full cost of the labels; if they had, the claim could have cost as much as £100,000.
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