What Is Professional Indemnity Insurance?
Professional Indemnity insurance protects against loss arising from claims made and reported to the insurers during the policy period by reason of any insured neglect, error or omissions committed in the conduct of the insured’s business. Professional Indemnity insurance may also be referred to as: PI Insurance, PII, Professional Liability and/or Errors & Omissions.

Who Needs Cover?
Traditionally, Accountants, Surveyors, Engineers, Solicitors and Architects have arranged cover however any business that gives advice or provides a design service should consider arranging cover to protect their business against loss/circumstances incurred as a result of unwitting negligent acts, errors or omissions.

But What If I Use Subcontractors?
Even if you subcontract work, the contingent liability should never be ignored. If a claim were to arise in respect of work undertaken by a subcontractor you appoint, the claim would be directed to you as the billing company. Whilst you would hope that any claims would be subrogated to the negligent subcontractor, subrogation is not always successful. What if your subcontractor had failed to pay their insurance premiums? Or correctly insure the scope of works they undertake? Or failed to maintain run off cover if they ceased trading? There are so many variables that need to be considered.

But What If I Cease Trading or Retire?
Professional Indemnity insurance policies in the UK operate on a ‘claims made’ basis. This provides cover for claims made (and reported to the insurer) during the period of insurance cover only. PI policies usually incorporate a retroactive date, this effectively excludes claims arising from things done, or that ought to have been done, prior to this date. Once a policy has expired there will be no cover in force in respect of claims that may arise, even if the claim relates to work undertaken during the period of policy cover. Run-Off cover is therefore a very important consideration for anyone looking to cease trading and/or retire.

What Occupations Can You Quote For?
We can offer Professional Indemnity insurance quotations for a broad selection of occupations, including (but not limited to) the following:

Accountants
We target the SME sector of the accountancy industry

Architects
We target the SME sector of the architect profession

Business and Management Consultants
Providing protection for Business and Management Consultants

Design & Construct
Protection for construction companies

Engineers
We target the SME sector of the engineering profession

Environmental Consultants
Providing protection for Environmental Consultants

Estate Agents, Letting Agents and Property Managers
Protection for estate agents, letting agents and property managers, along with related emerging professions

Film & TV
Film & TV Errors & Omissions, designed for television, film producers or independent producers for cinematics

Financial Institutions PI (FIPI)
Protecting professional firms and their employees from the risk of liability / negligence claims

Information Technology
Protection for businesses in the Information Technology sector

Media
We are able to consider a broad spectrum of risks that make up the industry in their various shapes and sizes

Miscellaneous PI
Providing cover for companies or individuals in a business selling knowledge or services.

Recruitment Consultants
We target all sectors of the UK recruitment industry whether they are placing permanent or temporary staff into businesses

Surveyors
Protection for chartered surveyors and quantity surveyors

The scope of Professional Indemnity insurance policy cover varies depending on type of business activities undertaken, it is not just the case that one pi insurance policy fits all.