Professional Indemnity Insurance
With each profession having unique insurance requirements, we know that the PI landscape can often seem confusing and stressful.Get A Quote!
If your business offers advice or professional services to other businesses, you should consider taking out professional indemnity cover.
Here we've answered some frequently asked questions about professional indemnity insurance to help you understand the process. We hope you find the answers you're looking for, but if not please call us on the number below or use the form to request a call from a member of our team who would be happy to help.
Professional indemnity insurance can help protect you from claims made by dissatisfied clients such as; there is a problem with your work, or you’ve made a mistake which costs your client money, meaning the client may want to pursue you for compensation.
It’s important to note that even if you haven’t done anything wrong, the cost of defending yourself may be high and professional indemnity cover can help you protect yourself from these costs
Often, your customers or clients will specify the level of cover you need. If they don’t, it’s worth enquiring about their expectations before starting a contract. Insurers typically offer cover levels from £50,000 to £5,000,000
This is an example. If an engineer makes a mistake in the construction of a building project, and the error is only discovered once the project is complete, the client could lose money through time for re-building and the cost of wasted materials. The engineer would be liable for this cost.
Typical professions that require professional indemnity insurance are accountants, journalists, architects, financial advisors, IT consultants, business consultants and engineers.