A guide to Professional Indemnity Insurance
What exactly is Professional Indemnity Insurance? And do you need it?
Quite simply Professional Indemnity Insurance is a type of Insurance to cover any individual or company that provides a service or advice for a fee. In other words, if you have certificated a piece of equipment as an Electrical contractor and then the equipment causes a loss to the client then this would be a Professional indemnity claim.
Another example would be if, as a professional, you give advice to a company and they follow that advice that causes them a loss then they would be able to make a claim on your Professional Indemnity Insurance too!
More businesses should have this cover
Less than 25% of UK businesses that really should have PI insurance cover actually do so, why is this? Basically it is because either they, or their current insurance providers, don’t understand it. They have more than likely not identified that such an exposure exists within the business and have therefore not catered for it fully.
This is where we can help with our over 30 year’s relevant Insurance industry experience. We can offer not only a free quotation but also specialist advice on how to fully to protect you and or your companies exposure thereby providing you with Professional Indemnity cover that fully suits your requirements.
Why choose Professional Indemnity Insurance Cover?
Why should you purchase this cover if you already have Public and Products Liability cover you may well ask? Well, Public Liability Insurance will basically provide cover for injury etc. to the Public. Products Liability will, in essence, pick up any loss or damage to a third party should a Product that you have supplied fail or be faulty. These will pick up the tangible asset damage but what about the financial loss arising from any advice that you have given? This is where PI (Professional Indemnity) becomes a must have cover.
Do you design something for a professional fee, such as an architect would? If you do, and then, for instance, a builder or manufacturer goes on to build or make the product to your specification, what happens if the item or build isn’t correct and then, as a result, causes a loss to a third party? This again would be a Professional Indemnity claim against you and your insurers which you need to make sure that you, as a responsible business, have got covered.
We can help you with your Insurance questions!
If you are unsure of your real world exposure then please do get in touch with our experts now and, even if only for peace of mind, let us advise you correctly so that you can make a fully informed decision regarding your insurance requirements.
To get a FREE no obligation Professional Indemnity Insurance quote
Go to our online Quote System or call us on 0800 084 2325.