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Professional Indemnity Insurance

Protecting you and your business against costly compensation claims.  You and your business could be liable for costly compensation brought against you by a client who has suffered financial loss as a result of your alleged neglect, error or omission.

If you would like to discuss your requirements then please give us a call or request a callback.

 

 

Professional Indemnity Insurance

If you are in the business of giving advice or offering expert opinions, a quality Professional Indemnity Insurance policy will protect your financial interests and your reputation if a claim is made against you by a client.

Professional Indemnity Insurance can protect your business against others claiming for error, omissions, professional neglect for both the principals and their employees, libel and slander, malicious falsehood, passing off copyrights, breach of confidentiality, and negligent statement or actions.

As a professional, in law, you owe a duty of care to the people you work for. This includes your clients and the interests of certain suppliers, which could mean a large number of people making a claim of negligence against you.

You can be personally liable for giving incorrect advice, or you could be accused of misrepresenting your client interests, breaching confidentiality or a distributing false information.

The cost of defending your reputation against professional indemnity claims is often very costly, also the settlement of claims found against you can be significant.

We live in a litigious society today, people who use professional services, are more likely than ever to blame the professional when things go wrong.

The chance of someone claiming against you may be small; but, if a claim was made and you are not covered, you could find it very expensive to defend yourself.

FAQ's

Why is Professional Indemnity Insurance (PI) necessary?

We live in a society which is increasingly compensation minded. Defending a negligence claim can be worrying and extremely costly. Insurance against such eventualities is a necessary requirement of professional practice.

Who needs Professional Indemnity Insurance (PI)?

Anyone who is carrying out professional work may face potential liability.

What is Retroactive Cover?

Retroactive cover applies solely to Professional Indemnity Insurance and will protect you for any future claims which may relate back to an occurrence which pre-dates the date on which the insurance policy commenced. It is subject to confirmation that you are not aware of any circumstances which could give rise to a claim.

Is Professional Indemnity Insurance compulsory?

Certain professions require you to have professional indemnity insurance to trade, however, most companies will insist on a contractor/consultant to have professional indemnity insurance in place.

I have a short term contract why do I need an annual policy?

Professional indemnity insurance is traditionally underwritten on a "claims made" wording which means professional indemnity insurance must be in force at the time of a claim being submitted. If you had cover in force for the duration of your contract which then ceased and a claim from your customer is submitted 2 weeks later then you would not be insured.

 

 

 

Who is it for?

What is covered?

Why you need it?


For anyone who gives advice or provides a professional service to clients such as:
  • Accountants, Architects & Solicitors
  • Mortgage Intermediaries, Insurance Brokers & Financial Advisers
  • Consultants in IT, Advertising, PR and other Professions

Professional indemnity insurance will meet the cost of claims defending any damages payable including:
  • Negligence, omission or errors
  • Loss of clients' original documents or data
  • Slander or libel
  • Breach of intellectual property rights (copyright, trademarks, broadcasting rights)
  • Misuse or disclosure of confidential information
  • Dishonesty of employees

You may need professional indemnity insurance if:
  • Advice is regularly given to clients that could result in their financial loss
  • You handle clients data or confidential information
  • A professional service or advice is given

Additional Info

PI Insurance

  • Professional indemnity insurance is also known as PI Insurance or Indemnity Insurance. You can chose from a wide level of indemnity cover to suit your individual business needs.
  • Professional indemnity insurance will also protect you from any legal costs incurred as a result of a compensation claim due to negligence, giving incorrect advice or making a mistake in your work.

Professional Indemnity Insurance protects you and your business from potential costly compensation brought against you by a client who has suffered a financial loss.




Other Information

To request further information or request a quote please telephone The Insure Group on 0207 112 8940 where a member of our staff will take your details.