Professional Indemnity
Insurance
Professional Indemnity Insurance (PI) provides protection to professionals and businesses against claims of negligence, errors, or omissions in the services they provide.
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?
Professional Indemnity Insurance is essential for professionals and businesses that provide professional services to clients, as it helps mitigate the financial risks associated with potential claims or lawsuits alleging negligence, errors, or omissions in the performance of their duties. It provides peace of mind and financial protection, ensuring that professionals can continue to operate their businesses effectively while managing potential liabilities.
The key components of Professional Indemnity Insurance
Coverage
Professional Indemnity Insurance provides coverage for legal defense costs, settlements, judgments, and other expenses associated with claims alleging:
- Professional negligence: Failure to exercise reasonable care, skill, or diligence in providing professional services.
- Errors or omissions: Mistakes, oversights, or failures to perform certain duties or obligations as expected.
- Breach of duty: Failure to meet the standard of care or fulfill contractual obligations owed to clients or third parties.
- Misrepresentation: Providing false or misleading information, advice, or representations in the course of providing professional services.
Professions Covered
Professional Indemnity Insurance is typically purchased by professionals in various fields, including:
- Legal profession (lawyers, attorneys, solicitors)
- Medical profession (doctors, surgeons, dentists)
- Accounting and financial services (accountants, auditors, financial advisors)
- Consulting services (management consultants, IT consultants, engineering consultants)
- Design and construction (architects, engineers, contractors)
- Real estate (real estate agents, property managers, appraisers)
- Media and creative industries (writers, journalists, photographers, graphic designers)
Types of Claims Covered
Professional Indemnity Insurance covers a wide range of claims, including:
- Allegations of professional negligence or malpractice.
- Breach of professional duty or contract.
- Misrepresentation or misleading advice.
- Violation of client confidentiality.
- Intellectual property infringement.
- Libel or slander arising from professional activities.
Policy Limits and Deductibles
Professional Indemnity Insurance policies typically have coverage limits, which represent the maximum amount the insurer will pay for covered claims, and deductibles, which are the amounts the insured must pay out of pocket before insurance coverage applies.
Legal Defence Costs
Professional Indemnity Insurance covers legal defence costs, including legal fees, court costs, expert witness fees, and other expenses incurred in defending against claims or legal claims.
Tailored Coverage
Professional Indemnity Insurance policies can be tailored to meet the specific needs of different professions and industries. Coverage options, limits, deductibles, and policy terms can be adjusted based on the nature of the professional services provided and the risk profile of the insured.
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.
Step 1
Your business
We meet with you to understand your unique business and the risks it faces.
Step 2
The market
We will take the information and research the market to find the most suitable policy.
Step 3
Your cover
Once you have agreed, we put your policy in place and you are covered.
If you have an insurance need then please get in touch
At Minories Partnership we work with our clients to construct the most appropriate insurance programme for their specific needs. And we’d be delighted to do the same for you. Get in touch and we can talk to you about your needs with no obligation.
