What Is Personal Liability Insurance For UK Professionals?

What Is Personal Liability Insurance For UK Professionals?

Personal Liability Insurance is something that UK professionals should have for many reasons. For one, it covers the legal expenses and costs that will be incurred in the defence, and also the damages that may be awarded, if a professional is alleged to have provided designs, services or advice that was inadequate and which made the client lose money.

Understanding whether you need Personal Liability Insurance

If you are a professional working in the country, you will need tradesman saver liability cover, as it is also known as, if your industry demands it. There are many professions where tradesmen are required to have this cover as part of their industry regulations. But even if there are no regulations that point out the need for you to buy it, you may choose to do it anyway. People who didn’t know any better and hence did not buy the cover have paid thousands of pounds in compensation payments and legal fees. The loss of income due to pursuing the case in court is not even being considered here.

To understand whether purchasing this cover is best for you, read on. Do you do any of the following things?

  • You provide consulting services to your clients (you work as a consultant)
  • You provide professional advice to your clients to help them in their business in some way (you work as a marketing advisor)
  • You provide your clients with designs (you may be a fashion designer, textile designer or an architect)
  • You want to protect yourself and your business from any allegations of negligence or mistakes on your part.
  • You are a freelancer, self-employed, a contractor or a consultant and your client wants you to have professional liability insurance

If any of the above is true, then you absolutely should be buying tradesman saver liability cover.

Protect yourself and your business

Getting Personal Liability Insurance Personal Liability Insurance is really about protecting yourself and your business. Whether you are an electrician, a plumber or a freelance network cabling guy, getting this cover is protection against unfortunate things that may happen in the future. Getting this cover will ensure that you are not held personally liable for things that happen to your business and therefore your assets remain safe. It is a great way to protect your business from unforeseen events that may unfold in the future like a client or an employee suing. So even if the other party wins the case against your business, your personal assets like your house and other assets cannot be used to settle the claim.

The cost of personal liability insurance

It really depends on the amount of cover you are going to need and what kind of profession you are working in. For instance, if you are in a high-risk profession such as the roofing business, your premiums will cost a lot more than many other professions. However, PI insurance usually is upwards of 50 pounds a year and it depends on a lot of factors and also the agency you are buying from.

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