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Professional Indemnity Insurance

Professional Indemnity Insurance, also known as PI Insurance or Indemnity Insurance can help to protect you if a claim is brought against you by a client due to a problem arising out of the work you have done for them.

There are many kinds of businesses that take out Professional Indemnity Insurance, these can include Engineers, Builders, Accountants, IT Consultants, Journalists, Financial Advisors, Insurance Brokers or anyone else providing a design or offering professional advice for a fee.

There are many bespoke policies available for Professional Indemnity Insurance, please call us to discuss your individual requirements.

A Professional Indemnity policy offers cover for compensation that you may need to pay out to correct a mistake.  It also covers any legal costs from negligence such as giving incorrect advice or accidentally making a mistake within your work.  PI does not cover fines or compensation you are ordered to pay should you be found guilty of a criminal act by a Court of Law.

Here a couple of claims examples to try and help explain Professional Indemnity further:

An architect has errors in their plans, yet these errors are only actually discovered once the building work has been started, or even finished, whichever the case may be.  The architect's client will have lost valuable time; they will have also lost many of the building materials which had been purchased and/or used.  The architect would be liable for all of this cost unless they had a Professional Indemnity policy in force.

An employee who works for an Accountancy firm sends an email which contains confidential information relating to a customer, the employee then notices that the information had accidentally been sent to the wrong party.  The customer becomes aware of this leak and in-turn sues the firm for a breach of confidentiality.  The Accountants insurance company will pay for the amount of the claim plus any legal costs covered by the policy, minus the agreed excess of course.  The PI policy will not cover the cost of any "loss of reputation" or the loss of any future contracts from the customer.

If you provide advice, or are offering a professional service to others, like design work for a fee, then maybe you should consider taking out some cover.  If you are unsure as to whether or not you actually require a Professional Indemnity Insurance policy, or if you simply wish to get an alternative quotation in respect of your forthcoming insurance renewal, please feel free to call us.

Please feel free to download the following Professional Indemnity form if you should require a quote - "PI Quote Form (General)"

 

TCF Ellis Ltd is an Appointed Representative of Bennett Gould & Partners (Dorset) Ltd. 

Bennett Gould & Partners (Dorset) Ltd are authorised and regulated by The Financial Conduct Authority under number 310780 and are owned by Bennett Gould & Partners Ltd (BGP).

Bennett Gould & Partners Ltd is a registered Lloyd's Broker, a member of The British Insurance Brokers Association (BIBA) and a member of The Institute of Insurance Brokers (IIB). 

Bennett Gould & Partners Ltd are authorised and regulated by The Financial Conduct Authority under number 306850.