What is professional Indemnity (PI)?
Professional Indemnity (PI) covers you and your business for any professional errors which may occur. Usually a PI policy is purchased by anyone who gives advice in return for a payment, such as:
- An architect
- Business consultant
- IT consultant
As the job role will entail giving out advice to customers, if any of the advice given to clients is incorrect or negligent and the client at hand faces a financial loss, then a PI policy will benefit you as it will cover the cost of any legal fees and any compensation which is due to the client.
Professional Indemnity can cover:
- Professional negligence such as making a mistake on a piece of work for a client or giving inaccurate advice
- Unintentional breach of confidentiality and/or copyright
- Defamation and libel
- Loss of documents or data
- Loss of money or goods (your own or for which you are responsible)
Many clients and industry bodies with regulatory requirements will need you to have a minimum amount of cover, so be sure to choose a suitable limit. We offer professional indemnity insurance for over 200 professions, and with limits ranging from £50,000 to £5m, you are guaranteed to find the right cover for your business. Here at JSW Insurance we can provide you with various competitive prices which can be designed to suit your needs, just simply get in touch today to get a quote.