Why do you need professional indemnity insurance?
Professional indemnity insurance (PII) provides cover for legal costs and expenses involved in defending a claim, as well as compensation payable if you are found to be responsible for causing financial loss to your client because of negligent advice, services or designs you have provided.
There are professions that must have PII in place in order to conduct their business; this is a compulsory condition required by their regulatory bodies. Examples of such professions are accountants, architects, IFAs, insurance brokers, solicitors, surveyors, and therapists.
Other professionals are required to have PII as part of a contractual obligation, whilst many choose this cover because of the protection and security it provides if their advice or service delivered fails to meet a client's expectations. Having PII in place also gives peace of mind to prospective clients.
How our team of PI experts can help
In addition to providing protection should your business be liable for any compensation payable, our services also includes risk management support. We can help to mitigate the day-to-day risks you face working in the professions sector. Should the unforeseen happen and a claim is made, we can offer you support via our dedicated in-house claims team that will help guide you through the process step-by-step to find the right resolution.