Professional Indemnity Insurance
We are all human and we all make mistakes, even if you have an extensive knowledge of the industry that you are working in. It only takes one mistake for a claimant to potentially take legal proceedings against you.
If your business activities involve you designing and developing products and services or giving advice and recommendations to fee paying clients then you will require Professional Indemnity Insurance.
No matter what your profession is or how much cover you may need, we offer a variety of cover to suit your requirements. Our professional indemnity insurance gives you peace of mind knowing that if you do make a mistake, you have the protection you need in force.
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The businesses that usually decide they need professional indemnity insurance (sometimes called PI insurance) are those that give advice, offer a professional service, or handle client data or intellectual property. It’s therefore important for many business types, from accountants to architects.
Some professional bodies or regulators demand that their members or the businesses they regulate hold professional indemnity insurance. This applies to solicitors, accountants, architects, chartered surveyors, financial advisers and some healthcare professionals.
Other businesses will decide to take out a policy anyway, to protect them financially and help them win contracts. After all, in many cases clients will only do business with you if you are properly protected. A good professional indemnity policy helps to provide you and your clients with peace of mind.
Professional indemnity insurance isn’t mandatory under the law, but, as mentioned above, the rules of some regulators and professional bodies mean it’s compulsory for some professions, such as solicitors, financial advisers, accountants and architects. It’s also required by some client contracts.
Professional indemnity insurance can cover compensation payments and legal fees if a client makes a claim against you. The compensation payment will usually take into account the financial loss that the client has suffered.