Professional indemnity Insurance
In today’s litigious society, Professional Indemnity (PI) Insurance is a must if you are giving advice, services or designs.
Although it’s not a legal requirement, you may find that if you’re an architect, surveyor, accountant or solicitor, trade bodies will require you to have Professional Indemnity as a condition of joining, Insurance Brokers cannot trade without it!
Although not required by law, imagine being in a situation where your advice has resulted in your client being at a financial loss and on top of that, you having a hefty bill for your legal defence costs including any damages awarded to your client.
Well, this is where Professional Indemnity Insurances comes in. Variable limits are available from £50,000 up to £10 Million and beyond.
You can also choose the style of cover from ‘Any One Claim’ which will cover up to your limit as many times as needed throughout the policy year to an ‘Aggregate’ limit where the claim value comes out of the limit each claim throughout the policy year. These variables help to tailor a policy to your needs whilst still protecting you and your business.
We have a large panel of insurers specialised to certain industries and are all experts in their field.
Common professions who take out Professional Indemnity are detailed below:
Design and Construction
Estate agents
IT Consultants
Business Consultants
Electrical contractors
Training consultants
Landscape design and Gardening
Professional Indemnity cover includes:
Negligence or breach of professional duty
Negligent misstatement or negligent misrepresentation
Defamation, libel or slander
Infringement of intellectual property right, other than patent and trade secrets
Dishonest or fraudulent acts or errors of any present or former employee (subject to exclusions)
Breach of any contractual or common law obligation of confidentiality, including invasion of privacy.
Inadvertent transmission of a virus
Any other civil liability
We have many insurers for this specialist cover on our panel – please contact us to arrange a quotation or insurance review of your current policies.
The different types of Professional Indemnity cover:
Claims made
This means that if a claim arises from an insured situation that happened a few years ago; as long as you’ve had continuous cover from the date it occurred, your current policy will cover you.
Any one claim
This means that an unlimited amount of claims can be made during the policy term up to the indemnity limit that you have.
Aggregate
An unlimited amount of claims can still be made, but every claim will reduce the indemnity limit available for the next claim.
Reinstatement
After a claim has been made against an aggregate policy which means that you have a lesser amount available for any other claims, you can opt for reinstatement which will revert you back to your original indemnity limit.
Costs in addition
This means that any additional costs incurred outside of your insurance limit will still be covered, even if those costs exceed your indemnity limit.
Costs included
This means that you will be covered for a maximum of your indemnity limit, including costs and damages.
Get a Professional indemnity Insurance quote From Ignite Insurance Brokers
Step 1: Complete the form
Submit the details of your insurance requirements
Step 2: Get a quote
We will get back to you with a confirmed quotation
Step 3: Confirmation
We will contact you to arrange cover if you wish to proceed