PI Insurance Cover – Professional Indemnity

PI Insurance Cover

We firmly believe you should have confidence in your expertise and trade. But when it comes to work, everybody makes mistakes. Professional indemnity(PI) insurance, is there to protect you if your client suffers a financial loss through your work for them.

Williams Insurance Management can help you arrange this cover, tailored for your profession.

Contact us for a quote.

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Professional indemnity insurance is an important cover for businesses that give advice or provide a professional service to clients. It can pay for compensation claims and legal fees that may arise if a client suffers a financial or professional loss due to negligence in your work.

 

Who needs pi insurance cover?

When you’re deciding whether your business needs professional indemnity insurance, first check whether your regulator or professional body requires you to hold a policy. If you work in accountancy, architecture or chartered surveying, it’s likely that you’re obliged to have professional indemnity insurance.

You may also find that your client contracts require you to have a particular level of professional indemnity insurance.

Even if this isn’t the case, it’s quite likely that you will still decide that your business needs professional indemnity cover, both to reassure potential clients and for your own security.

It’s a particularly popular insurance for businesses that give advice, provide a professional service, or handle client data and intellectual property. This is because it can pay claims made against you for financial loss suffered by a client, perhaps because you’ve mishandled data or you’ve given the wrong advice. As a result, it’s bought by many business types, from solicitors to designers to accountants.

 

Is professional indemnity insurance compulsory?

Professional indemnity insurance isn’t mandatory under the law, but the rules of some regulators and professional bodies mean it’s compulsory for some professions, such as solicitors, financial advisers, accountants and architects. It’s also required by some client contracts.