PROFESSIONAL INDEMNITY INSURANCE IN SPAIN
A BRIEF GUIDE TO PROFESSIONAL INDEMNITY INSURANCE IN SPAIN
What is Professional Indemnity insurance in Spain?
Professional indemnity insurance or PI insurance is an insurance product that protects the owners of a company or business against being sued by any of their clients for damages or costs against them for poor advice or services or errors and omissions that may have caused their client to lose money.
This Professional indemnity Insurance usually covers things like legal fees and expenses incurred in your defence. It will also help cover for any compensation payments that may need to be made if the case is awarded against you or attributed to your errors or mistakes, negligence by directors and/or staff, or a breach of professional duty.
In Spain, professional Indemnity insurance is not compulsory for all businesses in Spain but is highly recommended if you are giving any form of advice, or providing services to your clients.
Public Liability Insurance.
Professional indemnity insurance should not be mistaken for Public Liability insurance. Public liability insurance is more concerned with any personal injury or accident that might be caused to your client by negligence on your part within the business premises or at any public event organized by your business.
Why have Professional indemnity insurance?
It seems that the world has gone litigation mad. If a client walks into your offices and you give them bad advice and they act on it, causing them to lose money, trade, business or whatever, then it is likely that they will sue you in a Spanish Civil Court for the legal costs, loss of business, fees, and the list goes on.
This can be a very expensive and stressful process, even if you are not found guilty of negligence or providing improper advice. Even your own staff members could sue you if they felt you had acted negligently or improperly.
Is it obligatory?
The Spanish Government is trying to make this obligatory for all Professional businesses in Spain where they are required to give any form of advice such as Estate Agents, Financial Consultants, Lawyers, Doctors, Medical professionals, Building contractors, Architects and many more.
As with all insurances it is best to speak to one of our inhouse professionals to understand whether this type of Professional Liability Insurance in Spain is suited to your business. Many people do get confused between the Professional liability and Public or Private liability insurances in Spain. We will talk you through any of the covers available and provide a quotation or just advise on what you may need or require to protect you and your business.
There are a variety of options and different levels of cover. Cover can start from the basic 300,000€ up to several millions of Euros in cover. It will all depend upon the risk assessment.
Other liability Insurances in Spain.
Public Liability Insurance in Spain.
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Business & Commercial Insurance in Spain
You will be pleased to note that www.insuranceinspain.com do have Professional liability insurance.