Professional Indemnity Insurance.
Advice provided can go wrong, you need protection if it does.
As a professional you are employed for your expertise, you are expected to deliver quality service and advice to your client.
But what if it does goes wrong?
Professional Indemnity insurance provides you with cover to defend against alleged and actual professional negligence. It covers the legal costs and expenses in defending a potential claim.
Who needs Professional Indemnity Insurance (PI)?
This can be a very long list, if you provide advice that is paid for the chances are that you really should have PI Insurance.
An architect providing drawings, building contractors who are involved with the design and build of properties, project managers and consultants, the list goes on.
Is PI insurance compulsory?
In a word no, professional indemnity insurance is not a compulsory class of insurance. That said, if you are a member of certain associations, chartered bodies or government regulated then it can very well be a requirement to comply with that body’s requirements.
However, if your trade body have no requirement for professional indemnity insurance, before you consider not having the insurance cover, consider the financial consequences to your business which could be severe, can you afford to defend an action yourself, and if you are found negligent can you pay any compensation that may be awarded?
What amount of cover do I need
The ball is firmly in your court, you may consider that some cover is better than none, it could also be considered that if the cover you choose is too low then it might not actually be worth while at all, think about it, half way through the defense you realise that you don’t have enough cover, what happens then?
What is your largest contract, if they are very small £1million cover could be considered overkill, however a £1m contract with you being involved in much of the design probably isn’t going to be enough.
Professional Indemnity Insurance indemnity levels can start from as little as £100,000, you could probably get less but why bother, to get a good idea of what the correct amount should be think of the worse case scenario, what are the consequences if it goes wrong and you’re responsible. of what could the cost be should it all go wrong.
Dealing with us.
We are specialist commercial insurance brokers, we are not a call center, the people you will be dealing with have had many years experience providing liability insurance for businesses such as yours.
We only use UK based insurers, many you will have heard of, others you may not but, they are all A rated insurers including Lloyd’s of London.
Call Us On: 0330 058 0261
We can usually turnaround quotations for Professional Indemnity Insurance within 24 hours. In many instances though depending on your business type its sometimes the same day, call us now let us provide you with Insurance that is not only placed with quality markets its also very competitive.