Professional Indemnity Insurance.

Professional Indemnity (PI) insurance protects your business from financially crippling and often reputation damaging claims by dissatisfied clients. Any company can find themselves in dispute with a client over an alleged negligent action. PI cover works in two main ways:

• It will cover you if you make a mistake in the professional services you have provided that leads to a dispute with a client. The insurers will defend the claim if necessary. Even if you lose, the policy will still cover you for any damages you then become liable for, subject to the level of cover for which your business is insured.

• The policy will also cover the cost of putting right any mistake on your part, therefore avoiding a larger claim being made. Fixing a problem before it becomes an even bigger problem is simple common sense!

Many professions must have PI insurance cover as a regulatory requirement or as a result of their professional authorisation. This includes solicitors, accountants, architects, mortgage advisors, insurance brokers and financial advisers. Many consultants, marketing agencies, and designers also choose to have this type of insurance.