July 31, 2018

How does Professional Indemnity insurance work?

Written by Rob Hartley

Dinghy Co-Founder

This article will help explain how Professional Indemnity responds to claims, and why it’s important to have a trusted insurer behind you.

At a fundamental level, all insurances work the same way. Insurance companies are able to use the buying power of large volume of customers to get the best people to help their customers when they have a claim.

For Professional Indemnity insurance companies, this means they are able to find the best lawyers and pay them accordingly to protect you, which would be almost impossible for the day-to-day person; as insurers have the buying power of thousands of customers to be able to afford the costs.

As soon as there is an inkling that things are going wrong, professional indemnity insurance can step in and take over. Think of us as your trusted side-kick; ready to leap into action when needed. The sooner you talk to us about any concerns the quicker we can get it sorted.

Why does it matter who my insurer is?

Choosing the right insurer is crucial. You need to find someone with a solid reputation, the experience to deal with it and the knowledge that their expertise has got you covered.

At Dinghy, we have partnered with Beazley Syndicate at Lloyd’s, one of the largest insurers in the UK. They have excellent in-house personnel, and fantastic third party lawyers, that they can use to defend you when needed.

They are a global insurance company, so have the best expertise across the world. So if you decide to take on a client in Barbados, and it goes wrong, they will still be able to help you. Not every insurer can do that; and that is why we have spent months with them getting this set-up right.

Why we have Zero Excess on Professional Indemnity claims

So should the worst happen, and you fall out with your client and they believe they are entitled to money back, you should tell us (or your insurance company if you are not yet one of our customers). Our expert lawyers will get to work to look after you and take over the difficult conversations.

The sooner you tell us about a problem, the better it is – which is why we have put a Zero Excess on our Professional Indemnity insurance; as if our lawyers are able to stop the claim early, it saves everyone a lot of time and money and we don’t want you to think that it will be cheaper to sort it out yourself – it really won’t.

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About Rob Hartley

Rob Hartley ACII has worked in insurance for over 17 years in Europe, USA and the Caribbean. He is inspired to improve the image of insurance and bring it back to being a social good. Having also worked as a freelance web developer and an insurance consultant he is passionate about improving insurance for freelancers. In 2017 he co-founded getdinghy.com, a B Corp (pending) insurance provider that specialises in freelancer insurance.

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