What is Professional Indemnity (PI)?
Professional Indemnity 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. Our cover ranges from £50,000 to £5M. 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.
Have a look at this infographic which explains some key features Infographic-Key Features of PI Insurance