Professional Indemnity Insurance provides a broad spectrum of protection for businesses in the modern world. If your business offers advice, consultancy or related services, a PI policy is a vital consideration. In some cases, it may even be a contractual requirement. From professional errors to copyright infringement, Professional Indemnity Insurance is designed for situations where a third party seeks damages for financial loss arising from your negligent advice, designs or services.
- Legal defence fees
- Compensation protection
- Tailored cover
- Experienced in-house Claims team
What is Professional Indemnity Insurance?
Professional Indemnity Insurance is designed to provide protection in a broad range of scenarios. Whether your business gives incorrect advice to a client, makes a design error, accidentally breaches copyright or is accused of libel or slander, you can call on your PI policy.
PI Insurance covers the cost of legal defence fees and compensation payments, should the claimant be successful.
Not only is it vital protection in a litigious age, but it also reinforces your reputation as a responsible business. Even if you never have to use it, it demonstrates that you are prepared for every eventuality.
Why choose us for Professional Indemnity Insurance?
As an independent insurance broker, we can source policies from leading insurers. We take the time to understand the risks your business faces and your exposure to risk, so we can make sure you’re suitably protected.
How much does Professional Indemnity Insurance cost?
A wide variety of factors affect the price of PI Insurance, ranging from trade sector specialisms, professional staff experience, client size and exposures, levels of cover required and previous claims experience. Typically a tailored quote is sought after completion of a proposal form making it unique to you. Get in touch for a personalised quotation.
Is Professional Indemnity Insurance required by law?
No, although some professional bodies require a policy as a condition of joining. For architects, accountants and surveyors, this is mandatory and part of their professional memberships, which is required in order to practice their profession.
The need for PI is typically derived from a contractual requirement of a customer or larger main contractor and is often asked to be evidenced at the tendering stage.
Even if you are not required to have cover by law or by contract, a PI policy provides invaluable protection for you or your business in the event of a professional error causing financial harm to a third party.