Professional Indemnity insurance (PI) protects you and your business against claims that may result from giving advice or from a mistake made in your work, or the work of your company. Any client can bring a claim against you at any time (whether justified or not) and all claims require time and cost in defending them.
Claims can be a result of negligence, dishonesty, omission, defamation, infringement of intellectual property rights, loss of documents and errors. Professional Indemnity policies do not just respond when a claim needs to be paid, it responds the moment a claim is notified.
It is important to remember a PI policy not only protects you for the work you have done, but also what you have not done. A claim made by a client needs to be defended and this takes time, money and is a distraction from your core business. A PI policy can cover defence costs, give you access to claims handlers and lawyers, whilst protecting your bottom line.
PI insurance is compulsory for some professions. It is common place for clients to ask for sight of a firm’s PI policy before awarding them a contract of work. Many clients expect professional firms to have PI insurance in place which demonstrates a well-run firm which has a positive approach to risk management.
What our clients say
I would like to thank you for being such a great help, not only at each renewal but when ever we have had to place a claim or update/add to our insurance cover.
We are so grateful that the insurance for our business has been so easy and caused us no issues throughout the 4 years we have worked with the team. Keep up the good work it is so refreshing to come across a Company with the client being so high on the list to make sure we are covered and have what we need.