Professional Indemnity Insurance
Professional Indemnity Insurance covers you or your business against claims relating to negligence, errors, mistakes, breach of professional duty, copyright infringement and in addition will pay for your legal defence costs too.
If you provide advice or professional services to other individuals or businesses then you need professional indemnity insurance to protect you. We provide low cost professional indemnity quotes from a panel of the UK’s leading professional indemnity insurers, backed by expert friendly advice.
2 Our Broker Service
If we can’t quote for your profession or business online please use the following options:
- 3 Contact us
We’re happy to help over the phone or via email. Please contact us using the following options:
- Email us: firstname.lastname@example.org
- Call us on 01270 252 252
Our advisers will be happy to help.Contact us
Simple Quote Process
We deal direct with the UK’s leading Professional Indemnity Insurance companies to make sure that we offer the lowest premiums available but always backed up by our expert friendly advice. We’ve streamlined the quote process to make it as simple as possible;
- You can compare quotes and buy online, or call us and we will compare quotes on your behalf
- Quick and easy process to get the cover you need
- We’ll email your policy documents to you in a matter of minutes
- Flexible levels of cover (indemnity limits) from £50,000 upwards
- Cover for start-up businesses and established businesses alike
- Expert advice from our team of advisers is available before you buy and as often as you require it afterwards
Professional Indemnity Cover – Why Your Business Needs it
There are many reasons for choosing to buy cover, whether that be to meet contractual obligations or to comply with regulatory requirements. Your business may require Professional Indemnity Insurance if:
- It involves giving advice to clients
- You provide a professional service
- You handle information that is confidential in nature
- You use material that is subject to copyright or intellectual property belonging to others
- You belong to a professional body and their rules mean Professional indemnity Insurance is compulsory
- A client insists your business arranges cover before they offer you work (a contractual requirement to have the cover)
Your business could face a claim if (for example) advice that you have provided to a client turns out to be negligent or inaccurate and as a result of that advice your client suffers a financial loss. Equally, if you infringe somebody’s intellectual property rights they may claim for losses against you.
Many businesses insist that their business partners or suppliers have professional indemnity insurance so that indemnity can be provided should a claim arise. They would not wish to be reliant upon the supplier having sufficient funds themselves to meet such claims.
Benefits of Professional Indemnity Insurance
- Protect your business against costly negligence claims – the policy will pay for any compensation that you need to pay (up to the level of cover you choose)
- Pay for legal costs to defend you even if the claim isn’t valid
- Provide you with expert advice and representation to minimise disruption to your business
- Show your clients that you take your professional reputation seriously
- Comply with contractual obligations
- Meet regulatory or trade body requirements
PI insurance essentially offsets the risk of claims to your insurer, meaning that your business doesn’t have to pay for costly legal defence costs nor find the money to meet any settlements or claims payments. Many businesses would simply not be able to meet the costs of an expert legal defence, never mind the claims payment. Costs can run into the tens of thousands of pounds and more, so a policy to cover this makes perfect business sense.
As well as meeting contractual or regulatory requirements (Accountants, Architects and Solicitors for example are all required by their governing body to hold PI insurance) arranging professional indemnity insurance demonstrates to your clients that you take your reputation seriously and that in the event of a claim, your clients interests are protected by the policy.
Typical Policy Cover
Professional indemnity policies will provide a wide range of cover to protect against claims made for the following typical scenarios:
- Negligence/mistakes/errors and omissions
If the advice you provide to a client is negligent or you simply forget to do something or make an error, your client could suffer a loss that they try to claim back from you.
- Dishonesty of Employees
Dishonesty of employees could lead to a loss for your business. PI policies will often provide cover for these potentially costly losses.
- Infringement of intellectual property rights
As an example, if you breach copyright the copyright owner could sue for damages.
- Loss of documents and data
Lose documents or data that causes your client a financial loss could lead to a claim.
- Libel and slander
Libellous or slanderous acts can lead to very expensive legal proceedings and substantial claims for damages. PI policies usually provide cover for this which can protect you from these costs.
- Unintentional breach of confidentiality
Mistakes happen, and a breach of confidentiality can easily occur regardless of strict business processes.
Find out more about Professional Indemnity Insurance
We’ve put together information to help explain Professional Indemnity Insurance (PII) in simple terms. Our FAQ will assist with answers to most of the common questions that we are asked.
We’ve also compiled more detailed information for certain professional occupations;
- Consulting Engineers
- Design & Construction
- Expert Witnesses
- IT Consultants
- Computer Consultants
- Website Designers
- Management Consultants
- Estate Agents
- Letting Agents
- Property Management & Surveyors
- Environmental Consultants
- Recruitment Consultants
- Private Investigators
If you need more information, please contact us or, for more detailed information regarding the meaning of indemnity (etc) you can view the entry on wikipedia (note: it refers to ‘professional liability insurance’ which is technically incorrect but is how professional indemnity insurance is sometimes referred to).
No matter what business you are involved in, we can help. We’re always happy to provide advice and we’ll guide you through our online quote system if you wish.
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John Heath have been looking after us for over three decades
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