Professional Indemnity insurance, also referred to as PI, is a type of business insurance which is designed for companies who provide advice, design or a form of professional service to their clients. Professional Indemnity Insurance is generally regarded as an essential cover if your business does any of the above.When giving your expertise or services to other businesses or customers, you naturally strive to ensure that your business does everything agreed at the best quality possible. Not only is this good business sense, to help you have a well-respected and sustainable company, but it also helps prevent any nasty claims against you for negligence or poor work.
However we are all human and that means on occasion mistakes can happen. So professional indemnity insurance is there to help protect you from a number of different claims that could arise. It will cover your legal costs and expenses in defending a claim for:
- Loss of Documents or Data
- Loss of Money or Property (which you are responsible for)
- Unintentional breach or security or copy write
- Defamation and Libel
- Professional Negligence – giving clients wrong advice or doing a poor job for them
- Intellectual Property Disputes
The amount of professional indemnity insurance you need will all depend on the size of your business, your clients and what type of contracts you have in place. Certain clients or contracts will require a minimum amount of cover before you can start working with them. If you deal with high amounts of sensitive, high risk data you may need a higher level of professional indemnity insurance which is usually set by external regulators. Standard professional indemnity insurance cover tends to range from around £2Million to about £10Million.
To get your instant online quote for professional indemnity insurance simply follow the link above.