Professional Indemnity Insurance

Professional Indemnity Insurance is compulsory for many professional businesses and services such as Architects, Engineers, Brokers, Solicitors, Independent Financial advisors, Accountants, and Computer Consultants. It protects the business against claims for error, omissions and professional neglect attributable to advice or designs supplied by the business or one of its employees.

Without professional Indemnity Insurance you run the risk of being sued for large quantities should advice or designs you have supplied cause injury to people or loss or damage to property. A single lawsuit could ruin your business without professional indemnity insurance.

Businesses that manufacture or supply actual physical goods need Products Liability to insure against injury, illness or damage caused; Professional Indemnity does not cover this.

There are times, when you have to take responsibility as a Professional.
However this does not mean having to pay the price £££.

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The Risk

For professions such as law, accounting and surveying through to those such as management consulting and investment/mortgage advisors, there are risks associated with the provision of any service. These include allegations of negligence, wrongful acts and errors or omissions arising from the conduct of business. As can be on a daily basis both within the national and local media and through live television coverage, as the commercial environment becomes ever more litigious, so the risk increases. Organisations are now subject to greater regulation than ever before, making the risk of a compliance oversight more likely. It is also well known that when allegations are launched, no matter how spurious, the cost of the legal defence and any subsequent settlement can prove catastrophic, both for the individual and the company involved.

The Solution

Professional Indemnity / Errors and Omissions insurance protects a firm's and the individual's reputation and assets against claims and potential legal liabilities arising from its professional performance. The legal costs and expenses incurred in an investigation and defence of claims are also protected.

Many of the major professional bodies, including those representing surveyors, solicitors and accountants, make it compulsory for members to purchase this coverage.

UKinsuranceNET's experience in arranging effective Professional Indemnity insurance has been made available via this website.

Who does it cover?

We can arrange specialist cover for all professions, and have experience in and are able to place the following (non-exhaustive) list of professional clients and business categories:

	Estate Agents
	Surveyors/ Quantity Surveyors
	Solicitors
	Accountants
	Stockbrokers
	Investment Banking
	Insurance Brokers
	Underwriting Agents
	Architects
	Stockbroking
	Engineers
	Independent Financial Advisors
	Information Technology Consultants and Software Houses
	Mortgage Brokers
	Management Consultants
	Printers and Publishers

In addition, given enough notification prior to your renewal date, we are able to source quotations for the majority of professional occupations.

Professional indemnity insurance will cover you in the event that a client who claims that they have suffered a loss as a result of your professional negligence sues you.

For instance a Publishing company put the wrong telephone contact number in an advertisement, and their client sues them for loss of income and damage to their brand, compensation could be awarded against the publishing company.

What does it cover?

In general any business or person who supplies advice, designs or a similar service can be viewed as an expert by the customer. If the service you provide incurs the customer injury, loss or damage then they can argue you provided a sub standard service and sue.

Other areas or Professional Indemnity cover are:

	Libel and Slander
	Professional Neglect
	Malicious Falsehood
	Passing off copyrights
	Breach of confidentiality
	Negligent statement or actions

Professional indemnity insurance is defined as:

Indemnity to a professional man or firm against legal liability to compensate a third party who has sustained injury, loss or damage through breach of duty.

Professional indemnity insurance can be inexpensive compared to the risks.

How much cover do I need?

The amount of PI cover you require depends very much on your business, you have to make a reasonable assessment of not just how much loss a customer could incur due to a service you provide but also the legal costs.

A consulting engineer who designs a defective roof on a large building may be liable for much larger damages than a surveyor who undervalues a property.

Get a Quote Now

All our products cover both damages and defence costs. Although most insurers have standard policies, we have over 14 different types of proposal form on-line. This is to ensure that you complete a proposal form that contains specifically tailored wordings, which in turn will provide broad targeted coverage for any given profession.

		Call us on our local rate number (09:00 - 20:00 hrs Mon-Fri, 10:00-17:00 Sat)	0845 345 1236
		Click on the button for a quote