Professional Indemnity Insurance
Protect yourself from compensation payments and defence costs.
To provide this service we've chosen to work with Arthur J. Gallagher Insurance Brokers Limited, one of the UK's largest brokers.
What is Professional Indemnity Insurance
Professional Indemnity Insurance, also known as indemnity insurance or PI, provides cover to protect you if claims are brought against you by a client. PI insurance can help to put mistakes right and cover any legal costs if a client alleges you have provided inadequate service or advice.
Many professional bodies require their members to hold professional indemnity insurance and large industries and companies will more often than not, insist that you have adequate PI cover before you are able to undertake work for them.
You should consider Professional Indemnity Insurance if you:
- give advice or offer a professional service that can be challenged
- handle data or intellectual property
- are considered to be a professional, specialist, expert or authority in your field
Do your customers visit your premises, or do you ever meet at their offices or homes?
If so then you may also need Public Liability Insurance to protect you in the event of an accident or injury to your customers or members of the public.
To get a combined Liability and Indemnity quote, call 0345 377 0002 to speak to specialist advisors who can advise you on the cover you need to protect your business.
Lines available from 9am to 5pm Monday to Friday
How can Lloyds Bank Business Insurance Services help you protect your business?
We know your business is important to you, and keeping it safe and secure will allow you to focus on the important day to day tasks. We have chosen to partner with Arthur J. Gallagher Insurance Brokers Limited, one of the UK’s largest insurance brokers. They have access to a panel of leading insurers both online and over phone. And if you need help to get the right cover for your business, their experienced insurance agents can help.
Examples of professional indemnity insurance claims
- Losing or misplacing confidential documents.
- Accidentally sending an email to an unauthorised person, leading to your client suing you for breach of confidentiality.
- Using a copyrighted image or photo without getting the appropriate rights or licence.
- Advising a client regarding the transfer of funds to family members, and the client later becoming liable for paying capital gains tax.
- Failing to carry out a required audit.
Engineers and tradesmen
- Making a mistake in measurements that results in additional costs to rebuild, or causes damage during or after construction.
- Installing lighting that is later found to be non-compliant with regulation, and therefore needs to be redone.
- Designing a machine that proves inadequate to cope with the weight of items it is meant to produce.
- Designing and running a direct marketing campaign, where the brochures were wrongly addressed. The client claims damages for loss of revenue.
- Creating work using the wrong Pantone colour for the client’s logo, with client claiming costs to reproduce the work.
- A client claiming that you undersold a property, and several months later it’s resold for 120% of the previous price.
- A surveyor forecasts cost for the construction of a number of restaurants at the start of each project. The client claims that the monthly and year-end costings and forecasts were inadequate, making the contracts non-viable.
- Failing to arrange travel insurance for a client who falls ill while on holiday in Africa, claiming medical bills and expenses.
- A person injuring himself by falling from scaffolding you approved.
- Designing the layout of office premises and the client claiming that this was not in accordance with their requirements.
- Giving the wrong advice about planning permission on a plot of land.
Important legal information
Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278. Telephone: 020 7626 1500
Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS). Please note that due to FSCS and FOS eligibility criteria not all business customers will be covered.
Calls may be monitored or recorded in case we need to check we have carried out your instructions correctly and to help improve our quality of service.
Insurance covers are subject to the individual terms, conditions and exclusions of the insurer providing them. Always review the policy documentation supplied during the quote process to ensure you have the cover you need.