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When deciding on what insurance to purchase, its good practice to consider the risks that could impact you and make your decisions based on the most appropriate protection available to meet your requirements.
Although both of these insurance products insure your business against legal action and compensation awards to third parties, they are actually designed to offer different forms of protection in your business activities.
To find out more about Public Liability Insurance, Professional Indemnity Insurance and the difference between the two, take a look at the video below, or click on the cover you'd like to know more about:
Professional Indemnity Insurance provides cover for claims made against you if your client feels that the advice or work that you’ve provided has led to a financial loss or reputational damage to their business.
So for example, if you’re a business consultant and your advice leads to a financial loss for your client, they could make a claim against your business to recoup some or all of their money.
Although you may feel that you’ve not done anything wrong, you will still need to defend yourself in court. Which can end up being very expensive.
Professional Indemnity Insurance will cover the cost of defending your business in court, including fees paid for lawyers, experts and other court costs, and any compensation that may be awarded as a result of the claim.
The exact cost of professional indemnity cover will depend on the nature and circumstances of your business.
At Direct Line for Business, Professional Indemnity cover starts from £7.92 per month (10% of customers paid this or less. Based on policies sold 1st May 17 - 31st October 17) and includes:
Public Liability Insurance insures your business against claims made as the result of an accident that causes injury or property damage to a third party.
For example, if a visitor or client injures themselves while on your business premises, they could claim against you for their injury, or to cover any other costs that they might have incurred as a result.
The exact cost of cover will depend on the nature and circumstances of your business.
At Direct Line for Business, cover starts from £55 a year (16% of customers paid this or less. Based on policies sold November 15 – April 16) and includes the following as standard: