Professional Indemnity Insurance (PI) is for all professional bodies who are in the business of interacting with the public either selling their knowledge or their skills. It is a liability insurance.
PI insurance covers you and your business against claims for loss or damages made by a client or third party in the eventuality that you are found to have been negligent in the services you provided or if you have made a mistake. PI insurance also covers legal costs.
Having PI insurance cover is now a regulatory requirement in many professions and not having one can be very damagins especially if you are specifically required to have to comply to your body or your professional authorisation. For example accountants, architects, doctors, financial and/or mortgage advisors,insurance brokers, psychologies, solicitors and many other consultants, advertising and PR agencies, fashion, management consultants also choose to have such insurance.
One important aspect to consider when you are researching for PI insurance is that cover is usually on a claims-made basis. This means that the policy will only cover claims that are made while the policy is 'live' so you should keep up with your payments at all time to remain covered.
Many insurance companies offers Professional Indemnity, it is wise to do your homework and go with the insurer which fits you profession.
- Hiscox provides Indemnity insurance. Hiscox's professional indemnity policy will offer cover for compensation and any legal costs due to negligence or mistakes. Hiscox has 7 levels of professional indemnity insurance cover.
- Simply Business insurance for business is another one which provides good service. Simply Business allows you to get and compare quotes online.
- Policy Bee is another insurance.
Banks also offer Indemnity Insurance policy check with yours.
You can also add public liability or employer liability to your policy.
When you find an insurer always check that they are a member of the Association of British Insurers (ABI). Check that an insurer is a member of the ABI at the ABI website - Opens in a new window.
PI insurance covers you and your business against claims for loss or damages made by a client or third party in the eventuality that you are found to have been negligent in the services you provided or if you have made a mistake. PI insurance also covers legal costs.
Having PI insurance cover is now a regulatory requirement in many professions and not having one can be very damagins especially if you are specifically required to have to comply to your body or your professional authorisation. For example accountants, architects, doctors, financial and/or mortgage advisors,insurance brokers, psychologies, solicitors and many other consultants, advertising and PR agencies, fashion, management consultants also choose to have such insurance.
One important aspect to consider when you are researching for PI insurance is that cover is usually on a claims-made basis. This means that the policy will only cover claims that are made while the policy is 'live' so you should keep up with your payments at all time to remain covered.
Many insurance companies offers Professional Indemnity, it is wise to do your homework and go with the insurer which fits you profession.
- Hiscox provides Indemnity insurance. Hiscox's professional indemnity policy will offer cover for compensation and any legal costs due to negligence or mistakes. Hiscox has 7 levels of professional indemnity insurance cover.
- Simply Business insurance for business is another one which provides good service. Simply Business allows you to get and compare quotes online.
- Policy Bee is another insurance.
Banks also offer Indemnity Insurance policy check with yours.
You can also add public liability or employer liability to your policy.
When you find an insurer always check that they are a member of the Association of British Insurers (ABI). Check that an insurer is a member of the ABI at the ABI website - Opens in a new window.
I'm very glad you found my article useful and it allowed you to get some material for your writing. Wishing you all the very best and every success with your course.
ReplyDelete