professional indemnity insurance
A quick look
If your client threatens or takes legal action against you for a mistake you have made when giving advice or designs to them, this policy will cover your legal costs as well as any compensation payments you may have to make. Without this cover in place, you would have to defend yourself against any allegations made, using your own resources. This is why it is so important to have P.I. Insurance cover in any business where advice or designs are given. You should consider this type of insurance if:
- You provide advice, designs or professional services to your clients, whether you get paid for those services or not
- You are required to have P.I. Cover in place because you are part of a professional body that requires this cover to enable you to belong to that body.
- You enter into a contract where P.I. Cover is required by the other party
What sort of business needs P.I. protection?
The following list outlines examples of the kinds of businesses that would need Professional Indemnity insurance, it is thorough but it is by no means exhaustive:
- Business and management consultants
- IT contractors and consultants
- Technical and engineering contractors and architects
- Creative and marketing professionals, including web designers, graphic designers, fashion stylists and designers, P.R. agencies, marketing consultants and photographers/videographers
- Design engineers
- Teachers, tutors, instructors and trainers
- Accountants, surveyors, architects and more
Without this cover, you could be liable for large costs and compensation payments if you are found to have been negligent. A professional indemnity insurance covers your legal costs and expenses in defending a claim and any compensation or costs that may subsequently be awarded.
What is covered under a P.I. Policy?
- Professional negligence – such as making a mistake in a piece of work for a client or giving them poor advice
- Unintentional breach of confidentiality – such as sharing sensitive client information without permission
- Unintentional breach of copyright – such as using an image on your website without permission
- Defamation and libel – such as making false comments about a competitor or client that damages their reputation
- Loss of documents or data / Loss of money or goods – for which you are responsible
We offer an individual service for clients who are unsure of what sort of cover they might need. As well as providing competitive prices based your own individual circumstances, sometimes we can roll the P.I cover into other policies you may need, thus reducing your overall costings for insurance. Also, if you give advice to clients that are not in the UK, you’ll need a bespoke service in order to ensure you get the right the cover.
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