Insurers offer different levels of cover typically between €1000,000 and €10million. The level of cover you need for your business will depend on:

• whether a project or business contract specifies the amount of cover requiredthe value of the work you are providing, including your own fees
• the recommendations of your relevant professional or regulatory bodies.

Professional indemnity is designed to cover a range of claims, such as:

• Substandard work. Like everything in life sometimes things get missed or overlooked. In these situations, professional indemnity insurance becomes an invaluable asset that helps you navigate your way to a solution.
• Work is erroneous. This is not uncommon in many professions such as an accountant who can be accused of producing inaccurate work. Especially if the client subsequently suffered a financial loss or was inaccurately fined by revenue or another authority.
• Did not meet the brief. Sometimes a client might claim that you did not meet the agreed brief and they could try to sue you. Unfortunately, it only takes a grievance or misunderstanding to create a situation where this exact scenario could arise.

Professional indemnity cover should be a serious consideration for any business owner, consultant or contractor, freelancer, self-employed or sole trader that:

• provides advice or professional services to clients
• provides designs to clients
• needs to protect themselves against the potential for allegations of mistakes or negligence in work they have undertaken
• is a member of an industry association or governed by a regulatory body that requires them to have it.

Some examples of professions that are likely to need professional indemnity insurance are:

• IT programmers, developers, website agencies, contractors, engineers, CAD designers, and project engineers
• consultants in business, technology, recruitment, education, trainers, marketing, and sales.
• agencies such as design, branding, web, digital development, social media, SEO, management, recruitment, and PR
• designers such as web designers and interior designers
• professional services including architects, solicitors, accountants, medical professionals, personal trainers, and yoga instructors.

Sheridan Insurances has more than 40 years’ experience helping businesses to protect their commercial, personal income and general insurance needs. We have access to a wide selection of insurance providers that can offer you flexibility, choice and the best policy to suit your business.

When you choose Sheridan Insurances as your insurance partner, you will benefit from:

• access to up to a large selection of insurance providers
• dedicated brokers who will research the market on your behalf
• tailored and uniquely customised policies with the most suitable products from different insurance providers bundled together in one package
• our in-depth understanding of policy terms to help you navigate the small print
• cost effective bundled business packages that costs less than the total cost of all the individual covers when combined