Indemnity insurance

[Choppo_3]

Hi all I'm setting up on my own on the side of my current employment. I understand that public liability insurance is a must, but what about indemnity insurance? Is this a must or just wise to have? What does it actually cover you for? If anybody could give me any advice on this would be appreciated, thanks

 

[Richard Burns]

Professional indemnity insurance is used to cover you if you are providing advice and recommendations such as when you complete an electrical installation condition report. The insurance provides cover to pay any costs for damages or claimants costs where you have breached your professional duty, whether unintentional or accidental.
It should not be necessary if you are only installing and testing and it is not legally required at any time, but could be invaluable if any problem occurs.

The public liability is legally required.

 

[Choppo_3]

Professional indemnity insurance is used to cover you if you are providing advice and recommendations such as when you complete an electrical installation condition report. The insurance provides cover to pay any costs for damages or claimants costs where you have breached your professional duty, whether unintentional or accidental.
It should not be necessary if you are only installing and testing and it is not legally required at any time, but could be invaluable if any problem occurs.

The public liability is legally required.

Thank you for your post will look into the costings compared to the amount of EICR that may or may not come up

 

[Farmelectrics]

Surely your publicly liability insurance covers all this

 

[telectrix]

nope. PI is an addition to most PL policies. some include £50K PI, some you pay more.