Professional indemnity insurance, also referred to as ‘PI Insurance’ or ‘PII’, is a requirement of many membership bodies/organisations and increasingly a contractual prerequisite for many individuals/firms. The ‘traditional’ occupations requiring professional indemnity insurance include accountants,architects, estate agents, solicitors and surveyors.
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Over the past decade the number of businesses arranging PI Insurance cover has increased substantially:
Firstly, many clients stipulate that cover is operational prior to the commencement of a contract, and
Secondly, due the increased awareness of the potential for PII claims in this increasingly litigious environment.
The protection afforded by a professional indemnity insurance policy is twofold:
- Protection for an individual’s personal and/or company assets in the event of a loss and,
- In the event of a claim, a policyholder can focus on conducting their normal business activities, as opposed to having to devote significant financial resources to defend any indemnity claims brought against them.
Professional indemnity insurance is important for anyone that gives advice during the course of their business activities, especially companies operating as sole traders or partnerships. Businesses operating as limited companies, or limited liability partnerships, are afforded a degree of protection, by virtue of their limited liability status, however sole traders could find themselves personally legally liable in the event of a claim, if no professional indemnity insurance cover is operational.
Insurance2day have specialist, bespoke, in-house professional indemnity insurance schemes covering, many of the following occupations:
- Business Consultants
- Careers Advisory Service
- Company Registrar/Company Search Agents
- Computer Consultants
- Computer Programmers
- Corporate Identity Consultants
- Counselling Service
- Data Processors
- Energy & Fuel Efficiency Consultants
- Engineering Design Consultants
- Graphic Designers
- Handwriting Expert
- H.R. Consultants
- Health & Safety Consultants
- Immigration Consultants
- Interior Designers
- Interim Managers
- Inventory Clerks
- I.T. Contractors
- Landscape Architects
- Management Consultants
- Marketing Consultants Management Training
- Market Research Consultants
- Ofsted Inspectors
- Personnel/HR/Training/Careers Advisors
- Procurement Consultants
- Public Relations Consultants
- Quality Assessors (including Investors in People)
- Secretarial service
- Small Business Advisory Service
- Software Consultants
- Telecommunications Consultants
- Training Consultants
- Web Site Designers
The importance of adequate PI insurance really can’t be underestimated.