A professional liability insurance for a solar business insurance provides cover for pure financial loss caused by the insured. After all, professional mistakes can be made in consultancy work.
The consequence of a professional error can lead to the following three types of damage:
- Wealth loss (financial loss)
- Property damage (damage to property of third parties)
- Personal injury (physical or mental damage)
Why should I take out a professional indemnity insurance?
As an entrepreneur in the solar panel industry, you can be held liable for various reasons. A few examples are listed below:
- A technical consultancy makes a calculation error as a result of which the roof on which the solar power installation is located collapses;
- When you, as an entrepreneur, forget to arrange something for your customer;
- You engage a consultancy that produces a report. You are misinterpreting that report, giving the wrong advice to your customer.
If you are held liable, you will receive a claim for damages from the other party. In most cases, this claim for compensation will not be too bad, but you must also take into account legal costs for the defence. These costs can be high. Professional liability insurance protects your assets.
Supplement to the business liability insurance
The professional indemnity insurance is a supplement to the Business Liability Insurance.
Please note: financial damage (capital loss) is not covered by general business liability insurance.
Who are insured?
Your company, your employees, directors, supervisory directors and partners. Even if you hire a company, it is covered.
Different types of professional indemnity insurances
The form of professional indemnity insurance explained above is also known as the Professional Indemnity Insurance (PII). In addition, depending on the type of company, we offer the following forms of professional liability insurance:
- Financial Professional Insurance (FPI)
This is a comprehensive combined product intended for financial institutions/investors in the solar industry. In addition to professional liability, this product also offers cover in the event of bankruptcy and the consequential damages that result therefrom.
- Investment Managers Insurance (IMI)
This combined product provides coverage for investors and parties involved in asset management. This policy pays out, among other things, when the parties have failed to fulfil their duty of care.
The costs of a professional indemnity insurance
The costs of a professional indemnity insurance depends on the following factors:
- annual revenue;
- number of employees;
- the industry you work in.
Professional liability insurance is tailor-made. Contact us for a suitable advice.