What Is Professional Indemnity Insurance?
Professional Indemnity Insurance (or errors and omissions cover as it is sometimes known), will protect you and your business against the cost of rectifying a mistake including any associated legal, or specialist defence counsel and associated costs where a claim is unfounded.
Do I Need Professional Indemnity Insurance?
If you provide professional services, designs or advice you should consider Professional Indemnity Insurance.
Without adequate insurance protection you could be putting both your business, and potentially your home or other personal assets, at risk in the event of a claim.
In many cases your business is likely to be asked to provide proof of liability cover prior to commencement of any works up to a required limit of indemnity.
Compare PI Insurance Quotes with Expert Advice
Insync provides the best of both worlds, instant tailored online professional indemnity insurance (or PI Insurance as it is often referred), supported by expert advice from our team of UK based PI expert advisors.
What’s even better is that you will be allocated a dedicated Account Executive who will handle your policy throughout the life of your policy – why repeat yourself!
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Indemnity Claims Example
You are providing advice to a client in relation to their exciting new product launch. Inadvertently one of your team attaches a copy of the product spec to another clients’ documentation which finds its way to the trade press!
Your client is livid and is claiming £100,000 in compensation in addition to considerable costs and expenses relating to his launch event.
How Much Does Professional Indemnity Cost?
PI cover is based on your individual activities, key rating factors for insurers include:
• Your profession and type of advice provided
• Limit of Indemnity required
• Annual fee income
• Size of your contract and clients you work for
How Much Professional Indemnity Insurance Do I Need?
You know your business better than anyone, take some time thinking about the largest contract you undertake and the potential losses which could be incurred. Limits of indemnity can also be influenced by:
• Current contractual requirements from your clients or local authority
• Previous contractual obligations
• Regulatory body minimum requirements
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