Professional indemnity claims occur in instances of professional negligence and/or breach of contract. If a client of yours suffers financial loss as a result of alleged neglect, error or omission on your part, they will not hesitate to pursue a claim. PI claims cause significant damage to your professional reputation and often result in hefty fines. Although all professions need professional indemnity cover, architects, accountants and business consultants are at a higher risk for PI claims.
Accidental errors or omissions can occur in any profession. Here, our professional indemnity experts share insights and actionable advice to help you understand the risk of professional indemnity and how you can protect your career against indemnity, liability and negligence claims.
When is a matter reportable to your professional indemnity insurer?
In order to maintain consistent professional indemnity insurance cover, there needs to be open communication with your insurance provider. Your provider needs to be notified immediately when you become aware of a potential claim, as leaving it too late to declare a professional issue can be considered grounds to invalidate your policy. Your policy’s ‘claims […]
How Much Professional Indemnity Cover Do I need?
Professional indemnity insurance is essential for protecting your career or business, but how much cover do you need? Since each profession and role is unique, there’s no direct answer to the question. Instead, you should assess your own professional requirements in order to decide upon your insurance limit. In order to facilitate this, we’ve listed […]
Should HR consultants take out professional indemnity insurance?
In the course of their work, HR consultants can be exposed to numerous situations which could lead to professional indemnity claims. Regardless of the standard of your work, all it takes is one disgruntled client for a professional indemnity claim to emerge. Protection is available for your business and finances by taking out a specialist […]
Professional Indemnity – Top 5 FAQ’s
Professional indemnity is an area we’re commonly asked about, which is why we’ve decided to compile answers to the five most frequently asked questions. To start with a definition, professional indemnity occurs when a client believes that a service or product you supplied them with did not fulfil your duty of care to them. For […]
A Complete Guide to Directors and Officers Insurance
Protecting your business is vital and insurance plays a big part in helping you to do so. However, with so many different types of specialised professional indemnity insurance available, it can be confusing to know which is the right one for you. Think you may need Directors and Officers Insurance cover? Find out more from […]
5 Common Misconceptions About Professional Indemnity Insurance
While professional indemnity insurance is vital for protecting your career, many businesses can get confused by their policies. In fact, a UK study found 34% of the participants couldn’t actually describe the insurance, while only 39% had purchased the cover. To help, we’ve tackled five of the most common misconceptions surrounding the topic: 1. It’s […]
How to Choose a Professional Indemnity Insurance Provider
Now that you’ve decided to take out professional indemnity insurance, searching for the right company to match your needs can be challenging. The market is full of professional indemnity insurance providers, all offering different benefits, and it can be hard to know what to look for. To help you find and choose the right professional […]
7 Professions Most Liable to Professional Indemnity
Professional Indemnity Insurance is a type of liability insurance for professionals. Effectively, it helps to protect professionals, particularly those who offer advice or services, from bearing the full cost of defending claims. Professional indemnity insurance is the policy that will protect the business in case of a claim made as a result of professional negligence […]
Questions To Ask Before Taking Out Professional Indemnity Insurance
Protecting your business is vital and so professional indemnity insurance is a necessity for those providing advice or services to clients. These include (but are not limited to) professions such as accountants, builders, solicitors, healthcare professionals and engineers. We understand it can be hard to know what questions to ask before committing to a policy and […]
5 Tips for Renewing Professional Indemnity Insurance
If you are renewing your Professional Indemnity Insurance policy, it is important not to assume that the cheapest quote is the best. It is also highly important not to take a quote or policy at face value. Firms should look at the insurer in terms of financial stability, premium price, the service provided by your […]
