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Professional Indemnity Insurance

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Protection against your legal liability to compensate third parties who have sustained loss or damage

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What is Professional Indemnity Insurance?

Professional Indemnity Insurance (or PI Insurance as it is often called) protects you and your business against the costs of compensating a client if you make a mistake in work for a client that causes them financial or reputational loss. It's not always easy to get the guidance you need to find a policy that’s right for you when you are looking for Professional Indemnity Insurance. But that's where we come in.

 

Do you need Professional Indemnity insurance?

Whilst Professional Indemnity Insurance isn’t a legal requirement, and not all businesses need this type of cover, many do. Just take a look at our helpful overview below to see if your business should have it.

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Do you offer a professional service?

Most businesses that provide services are very likely to need Professional Indemnity Insurance

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Do you handle a client’s data or copyrighted materials?

No matter how careful you are there’s always the risk of losing or releasing confidential information

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Do you provide advice to clients?

No one wants to think about it, but if the advice you give leads to a bad outcome, some clients might sue

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Is there a chance you may damage a client’s property?

Property can mean intellectual as well as bricks and mortar. Whether you’re woking on a home or a website, things can happen

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How much Professional Indemnity Insurance cover do you need?

Professional Indemnity Insurance can usually cover you for anywhere between £50,000 and £5 million, with some policies able to cover you for more. Clearly, that’s a wide range. We can work with you to understand exactly how much you need. As a guide, here are a few of the things we look at when we help arrange cover.

 

Step 1: Work out the value

What’s the total value of the information or property you’ll be handling? Whether you’re a consultant advising on multi-million pound deals, or a small business carry out some building improvements, you should be insured for enough to cover any losses you might cause.

Step 2: Look at contracts

The devil is in the details. Most businesses require a certain level of Professional Indemnity Insurance for anyone they work with, which will probably be included your contract. No matter what, it’s always worth checking.

Step 3: Check others

To begin with it's sensible to see what other businesses in your industry are doing, so you have a better idea of what the usual standards are. Although, of course, no two companies are the same,

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We’re here to help

We would be delighted to help you or your business with your insurance needs. Whether you need a specific product, or a full review of your current set up, just get in touch and we will come back to you quickly.

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