Professional Indemnity (PI) insurance provides cover in respect of liability at law for costs and expenses in respect of claims for a breach of professional duty which may be made against an Insured during the period of insurance by reason of any neglect, omission or error occurring or committed in good faith by the Insured and arising out of the declared business activities. PI policies can include legal defence costs, damages and compensation due to professional negligence, which can be quite substantial.
PI policies generally have both a claim limit and an annual limit. The claim limit is the maximum amount that will be paid for any single event, and the annual limit is the maximum that will be paid in any one year. N.B. Policy exclusions may be stated by endorsement, or included within the policy wording. Common exclusions include: liability for non-financial losses and intentional, dishonest or fraudulent acts by the professional.
There are many different forms of professional liability insurance and various factors to consider when purchasing PI cover for your business. If you would like us to review your requirements, just answer 5 QUESTIONS and we will provide you with quotations from our panel of professional indemnity insurance insurers – Same day cover available for many occupations.