Professional Indemnity

Safeguard your advice (and backdate your cover)

Professional Indemnity

Can we give you some advice? If your business offers advice or consultancy, we’d strongly recommend professional indemnity insurance. Because compensation claims can be brought against you even if the advice you offer is free.

What is Professional Indemnity Insurance?

Professional Indemnity Insurance (also known as Professional Liability Insurance) protects your business from claims for ‘loss’ or ‘damage’ as a result of negligent advice or services. Which doesn’t mean that you’re intentionally negligent or that you don’t act with integrity. It just means that mistakes sometimes happen.  

Professional liability claims are most common against professional services, or companies that provide advice, skills or knowledge. Some professional service bodies or regulators may require you to have PI insurance (like Financial Advisers, Chartered Surveyors, Solicitors, Accountants and Architects). But we’d also recommend Professional Liability Insurance as a bare minimum if you’re an ad agency, graphic designer, marketing consultant, copywriter or PR agency.

And, if you work in digital services, professional indemnity insurance is becoming more and more popular amongst technology companies, app developers and businesses that trade through online marketplaces.

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How Professional Indemnity Insurance protects you

If a client or third party files a lawsuit (or makes a claim, if we’re being British) against your business, Professional Indemnity Insurance will cover your defence costs. If you lose the case, you’ll also be insured for any compensation or damages awarded to the claimant.

But our Professional Liability Insurance covers way more than just professional negligence claims.

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  • Uncompromising cover

    As well as professional negligence, professional indemnity insurance also includes breach of contract, misrepresentation, unintentional infringement of intellectual property rights, character defamation, the dishonesty of employees, partners or directors, and the loss of documents or data.

  • Tailored protection

    We’ll tailor your cover to include specific customer contract requirements.

  • Retroactive cover

    We can arrange for your PI insurance policy to include retrospective or retroactive cover. Which means any client work is covered right back to the date you started your business.

Professional Indemnity Insurance Tips

  • Liability risks are higher if you trade in foreign markets. Make sure your policy covers the correct geographical and jurisdictional areas.

  • Consider a policy that also covers the fees of clients who refuse to pay and threaten to counter-claim if you pursue payment.

  • Professional Indemnity Insurance shows how accountable and professional you are.

  • If you’re a member of a professional services body or accreditation scheme, Professional Indemnity Insurance may be a regulatory or contractual requirement.

  • If you cancel your Indemnity Insurance, consider buying a run-off policy to protect you against any claims made after a contract has ended and after your insurance has expired.

Professional Indemnity Insurance is essential for companies that provide advice and other professional services.

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