Do you provide intellectual services? A mistake could cost you dearly.
Consider your professional liability insurance.
Professional liability
What is professional liability?
Professional liability insurance protects you against third-party claims resulting from errors, mistakes or negligence during the exercise of your intellectual profession. This ranges from wrong advice to inaccurate calculations and professional errors that cause damage to your clients or other parties.
This insurance is particularly important for professions that focus on consulting, product development or diagnostics (such as lawyers, doctors, consultants, architects and IT service providers).
This insurance is recommended for all entrepreneurs, even if it is not required by law.
Why professional liability insurance?
Protect your company's financial stability
This insurance is an essential part of good risk management for any business.
By taking out professional liability insurance, you protect your business as well as your financial stability. In case of an accident or claim, the insurance ensures that your company is not forced to take on huge costs. After all, this could jeopardise the continuity of your business activities.
Professional image
Liability insurance shows your customers, suppliers and partners that you take responsibility for your business activities. It shows that you are aware of the potential risks and are prepared to deal with any consequences.
This strengthens your professional image and increases confidence in your company.
Customer requirements and contracts
Many clients and business partners require liability insurance before engaging with you. This insurance enables you to meet the requirements of potential clients immediately and opens doors for new business opportunities.
What does professional liability insurance cover?
The guarantee BA release includes sudden and unforeseen damage to third-party property (such as damaged buildings, inventory, equipment or vehicles) and bodily injury to persons caused by your company's activities. It is therefore about the extra-contractual liability incurred by your company. This liability is not directly related to the conclusion or performance of a contract.
If an incident or accident occurs in which a third party suffers damage as a result of your business activities, the guarantee BA benefit may intervene.
Consider a situation where a customer falls in your shop and suffers an injury, or when you accidentally cause material damage to a third party's property while carrying out your work.
The guarantee entrusted property provides cover for damage to third-party property temporarily entrusted to your care (equipment you work with). Think of your potential client's beamer that you knock over while presenting an offer.
The professional liability guarantee is the guarantee for intellectual professions. This guarantee protects against third-party claims due to errors, mistakes or negligence. These range from wrong advice and inaccurate calculations to professional errors that cause damage to your clients or other parties.
In addition, it is also important to consider coverage of costs associated with legal defence (in case of a claim or lawsuit, including legal fees, court costs and settlement amounts).
Frequently asked questions
Discover the most frequently asked questions about this insurance. Over the years, we have collected this information and summarise it here. Easy, right?
Do all companies need the same type of liability insurance?
Depending on your activity, other safeguards are a must. Consider:
- professional liability (intellectual services)
- directors' liability
- objective liability (areas open to the public)
Materné helps you choose the right insurance for your business.
In case of damage, the work already done needs to be put right, is this insured?
No, re-enacting your own work is out of the question.
I borrow equipment from a colleague, what if I cause damage to this?
For rented or borrowed equipment, you need specific cover.
This cover is limited in duration and insured capitals.
Materné will find the appropriate solution for you.
What cover amount is appropriate for my business? How is it determined?
Several factors play into the coverage amount:
- the nature and size of your business
- the type of activities you carry out
- the number of employees
- The potential financial consequences of liability claims.
Materné's insurance experts will help you choose an appropriate amount of cover.
Are all professional liability insurance products the same?
No, different products are available, tailored to your activity.
The insurance products provide extensions by sector:
- specific products for architects
- ICT service providers
- medical professions
Materné advises you which product is appropriate in your situation.
Other solutions for optimal coverage
Take the uncertain as the sure thing and discover our insurance policies that perfectly match it.