PROFESSIONAL LIABILITY INSURANCE

What is it?

Insurance of professional liabilities is sometimes a mandatory requirement and in other situations an astute purchase because of the risk of a professional person or Firm breaching their duty of care (usually innocently) to their client or other third party.

To take out such cover does not mean that someone is saying that you don’t know what you are doing. It covers the situation (defence costs and if necessary damages) of a third party accusing you or your firm of an error, omission or neglect. Indeed, more often than not most professional liability claims costs are in defence costs not awards.

If you are exposed to this type of risk and do not take out the appropriate cover, when you receive a writ you will either accept it and pay up or defend it at your own cost.

How can ULP help?

ULP is able and prepared to advise and assist clients in obtaining professional indemnity insurance, directors’ & officers’ liability insurance and pension trustee liability insurance.

For more information or an in-depth discussion, why not give us a call or contact us.