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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.

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.

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