Professional Indemnity Insurance

Professions Insurance

Professional Indemnity; Do I need it?

Professional Indemnity insurance (PI) is often seen as a requirement for accountants, solicitors, surveyors, etc. However, any business providing professional advice or treatment should consider whether they need this cover.

A good Professional Indemnity policy should cover you for claims made against you in respect of your legal liability for:

• Breach of professional duty
• Libel or slander
• Unintentional breach of confidentiality
• Unintentional infringement of intellectual property rights or copyright
• Loss of or damage to documents
• Any other civil liability

Claims can be complex and defence costs can be high, so it is important to speak to experienced brokers that understand this specialist type insurance and provide you with the cover you need, which is why so many choose Pearson Insurance Services for their Professional Indemnity and Office Insurance.

Traditional Businesses – Accountants, Solicitors, IFAs, Insurance Brokers, Surveyors

Advisors – HR Consultants, Management Consultants, Health & Safety Advisors,

Media Risks – Publishers, Marketing, PR, Copywriters, Proof Readers

IT – web design, web hosting, IT consultants, software companies, computer and networking consultants
Directors’ and Officers’ Insurance and Trustee Indemnity Cover is also available.
TOP TIPS: These policies are on a “claims made” basis – this means that they cover claims arising during the course of the policy period – the policy must be in force when the claim is notified to you – not just when the work was carried out.
If your policy has a “retroactive date”, only work carried out after that date will be insured.
If you change insurers and there is no gap in cover, your new insurer will usually make the retroactive date the earliest date for which you have been continuously insured.
If you have not had this cover before, or you have a gap in cover, it is usually possible to purchase retroactive cover to ensure you have all the cover you need to protect you against potential claims for work you have already done.

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