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Professional Indemnity (PI) cover protects those who supply advice or professional services to their clients from claims made against them in the course of their work.
While the need for PI is well known among the legal, accounting and architect professions, it is advisable for anyone providing advice as part of their professional services to consider having appropriate cover in place. In many cases having PI cover is a contractual requirement to do the job.
Examples of those requiring PI cover include:
Architects making initial drawings for a construction project need PI cover in case later claims are made that relate to the design of the building.
Accountants need PI cover in case they submit the wrong information that results in their client being penalised by the tax authorities.
A heating consultant who designs a bespoke central heating system would need PI cover for the advice he gives (while the plumber who installs the system would not).
PI cover is arranged on a ‘claims made’ basis. This means that you need to have cover in place at the time a claim is made, not at the time that the action causing the claim took place. If someone is liable to have a claim made against them several years after the initial action (for example a doctor performing an operation that has long-term complications) they must have cover that protects them for the appropriate length of time after completing their work.
If you have professional indemnity cover in place, expert support will be on hand as soon as you notify us of a claim or potential claim. We will take care of every aspect of the claim, allowing you to get on with your everyday business. Depending on the nature of your work, clients can claim small sums of a few hundred pounds or can make claims involving millions of pounds.
We will advise you on choosing the right amount of PI cover that protects you in the event of needing to pay to settle a claim with your client.