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Helps protect you if a client claims that your service, actions or advice have caused loss or damage to them.
Get a quoteProfessional indemnity insurance, also known as PI insurance, is a type of business cover that can help protect you when working with clients. If a client accuses you of giving them inadequate or inaccurate advice, PI insurance could help to cover the cost of your legal defence, and any potential compensation.
There are also other names for professional indemnity insurance, including errors and omissions insurance. This name is mainly used in the US, but it means the same thing.
Whatever you call it, protecting yourself with insurance could be valuable to your business, helping you to manage claims and related impacts. Without it, could your business sustain a large compensation payout or legal bill?
Professional indemnity can help cover incidents from a small error to a large oversight. This includes if your client makes a claim that you have misadvised them, and this has then caused them a financial loss or harm to their reputation. While you may not mean to make a mistake, PI cover can add a level of protection for you and your business if a claim is made against you.
No matter how small or big, PI insurance can help protect you from legal fees and compensation claims due to:
If you provide a professional service in exchange for a fee, then chances are professional indemnity insurance could be valuable to you. In some sectors, it can be compulsory if you are a member of a professional body. For example, accounting and architecture.
Here are just a few of the high-risk professions that may like to consider a PI insurance policy:
Much like other insurance types, the premium for professional indemnity insurance depends on various factors. Your insurer will ask questions about your business, and the costs will vary depending on the answers you give.
The factors that can impact your cost include:
Professional indemnity insurance can help cover the cost of defending or settling claims you may face. Every business is unique, so there’s no set amount of cover you need.
Here are a few things you may want to consider:
No, professional indemnity insurance is not a legal requirement. However, some professional bodies and industry associations may require you to have PI insurance in place if you are a member.
No matter how big or small, any business can have professional indemnity insurance. Though it can be especially helpful for service-based businesses that work with clients. In this case, it can help mitigate costly fees and lawsuits from clients due to negligence claims.
If you don’t have professional indemnity insurance, you could put your business at risk. If you get taken to court or a client sues you, you may have to take a loss of income. This can be at a great cost to your company.
A range of industries should consider professional indemnity insurance. It can help anyone that gives professional advice to a client, which can impact them financially. This includes financial advisors, surveyors, healthcare professionals, designers and more.
No, professional indemnity insurance does not usually cover poor workmanship. The only exception is if you have specified this within your insured services.
Below you can find some examples of professional indemnity insurance claims: