PI Insurance, also referred to as “Errors & Omissions” Indemnity covers your Legal Liability for losses following negligent advice, services or designs you have offered to a client. Professional indemnity insurance will pay the legal costs and expenses in defending a claim, as well as compensation payable to your client, to rectify the error and the consequential losses thereby suffered.
Professional Indemnity Insurance is all about protecting you should you be sued for professional error. For example, an architect was sued by his client for the costs of rectifying an extension built from a flawed design. Or a logistics Company was sued by a competitor for copyright infringement and intellectual property theft relating to their business model and their website. Professional Indemnity insurance aims to cover the costs should this happen.
In many cases you will be required to take out Professional Indemnity cover. Some professions are legally obliged to have it. Accountants and financial advisers cannot legitimately operate unless they are sufficiently covered. Other professionals are required to have such insurance as a condition of trade association membership.
Just as important, though, is the way in which your business is perceived by potential clients. Professional Indemnity insurance can mean the difference between securing a contract and losing out to a competitor. Most businesses will expect you, as a provider of professional services, to be sufficiently insured. If you fail to take out Professional Indemnity insurance, you could miss out on vital jobs.
Just give our expert advisors a call. We will go through the information required by our insurers, and answer any questions you may have about your cover. We may ask you to complete a short proposal form if necessary.
Once we have the information from you we will approach our partner insurers to obtain the most competitive quotation with the widest cover. Each of our clients have different requirements in terms of time so however urgent it is we will work with you to meet deadlines.