Professional Indemnity Insurance for Company Search Agents

PI insurance – Everything you need to know

Things we look for

• Company Size – this will be one of the major factors that an insurer will look at when determining the price to charge for your insurance. This can be established in two ways, the gross annual income of the company and the number of partners/directors/employees.
• Qualifications and experience – insurers will be interested in understanding how much experience that you have in this particular profession. If you have less than five years’ experience then they may wish to see a copy of your CV to ensure that you are comfortable with the risk.
• Type of work – insurers will want to know the split of your annual income derived from each discipline that you get involved in.
• Retroactive exposure – does the business have an exposure to claims arising from past work, whether in the current business or a previous company?
• Overseas exposure – does the practice carry out work for overseas clients? Underwriters will be particularly interested if you work for clients based in USA/ Canada, as this very often represents a bigger risk for the insurers due to the litigious nature of North American society.
• Claims experience – the claims experience is an important factor in the assessment of a risk. This information reflects on the type of work carried out by a company. It also reflects the quality of the company’s work, experience, staff & internal risk management.

Policy coverage

A typical Professional Indemnity insurance policy for company search agents will normally cover the following areas:

• Breach of Civil Liability
• Negligent act, error or omission
• Negligence of sub-contractors
• Irrecoverable fees
• Rectification and loss mitigation costs
• Bodily injury or property damage arising from breach of professional duty
• Defence costs
• Unintentional intellectual property rights infringement (other than patents)
• Unintentional breach of confidentiality
• Unintentional defamation
• Loss of third-party documents or data
• Computer virus transmission
• Court attendance costs

 

Insurance types

Professional Indemnity

• Professional Indemnity provides cover for claims that arise as a result of the work you have completed or advice you have given.

Public Liability

• Public Liability provides cover should members of the public receive an injury or property damage due to your work. This protects your business should a compensation claim be made, also covering any legal costs that result from this.

Employers’ Liability

• Employers’ Liability provides cover for compensation claims and associated legal costs, arising from employee injury or work-related illness.

Cyber Insurance

• Cyber Insurance provides support in the event of cyber-crime and unintentional data breaches, offering cover against the cost of revenue and fines.

Directors and Officers

• Directors and Officers insurance policies protect you financially against any claims that are made against you personally in your position as a director, partner or officer of your business.

Legal expenses insurance

• If you were involved in a legal battle, knowing that any money you spend on legal bills would be reimbursed could make all the difference. Legal expenses insurance does just that. It ensures that your business remains financially stable after a legal case by helping to compensate the business for incurred costs.

Contact us to find out more about the right cover for your business.