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Professional Indemnity (PI) insurance is a form of cover which helps protect your business from claims brought again you by dissatisfied clients, often in reaction to incidents which occurred on your premises, or as a result of advice you gave to one of your clients which ended up costing them money.

Professional Indemnity (PI) Insurance should not be confused with Public Liability (PL) Insurance – which helps to protect businesses against physical damage caused to third party property or injury to third parties as a result of an incident.

Professional Indemnity insurance essentially helps to protect a business against claims which are deemed to be worthy of professional negligence, usually in the form of a monetary loss as a result of bad advice or a bad business decision that was advised by your company.

Who should be covered by PI insurance?

There are long lists of occupations which can benefit from being covered by a PI insurance policy, usually those who dispense advice as part of their services, including:

  • Architects
  • Accountants
  • Consultants – including recruitment, financial, media, management, marketing and computing
  • Financial Advisors
  • Solicitors
  • Estate / Letting Agents
  • Medics

Indeed, any business which dispenses information and advice as a service could be liable for a PI claim, so no matter how large or small your business it pays to be covered should such a claim be brought against you.

Being a member of an organisation such as the Federation of Small Businesses can be useful as a source of advice in times of need for your business. As well as being a fountain of knowledge, membership could even save your business money on a professional indemnity insurance policy.

What can be brought against me?

PI insurance can help protect your business if you’re considered liable for errors of judgement or admin errors which may lead to financial loss or damage to the reputation of one of your clients. This can include, amongst other things:

  • Mislaid or damaged documentation
  • Dishonesty
  • Libel and slander
  • Loss of data
  • Breach of confidentiality
  • Passing off of copyrights

How much cover do I need?

How much PI insurance you take out is up to you, and it’s best not to under-insure yourself in the event of a claim being brought against, it’s always best to be prepared for the worst.

However, underinsuring against an event can leave your business vulnerable to losses should a claim be brought against you, especially if you underinsure yourself against an event and the amount doesn’t cover any legal fees or other costs associated with the claim.

Think about how much voluntary excess you want to put against your PI insurance, for choosing a large amount may put your business at risk as you won’t be covered against smaller claims. Its best to discuss this with your broker when dealing with your PI insurance and protect yourself against a variety of scenarios to be on the safe side.

How long does cover last for?

Professional Indemnity insurance policies usually run for year-long periods, and when your policy ends you’re essentially uninsured for any new business you may take on, you may also find yourself uninsured for any pending claims from your previous insurance period.

The starting and renewal date of a policy is known as the ‘inception date’, while a ‘retroactive date’ is one that is set by the business to correspond with the date of its establishment.

If you’re moving brokers you can usually arrange for retroactive cover – which helps provide cover for work you have done in the past. The retroactive date is essentially when the cover operates back to.

Here at Quotiva we use a network of brokers to search for the best deal for you and your business. Pop in a few details and we’ll set about searching for the best Professional Indemnity insurance quotes to suit you and your business.


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