Professional Indemnity Insurance - Frequently Asked Questions
Why do I need professional indemnity insurance?
Professional indemnity insurance (also known as PI insurance) is an essential cover for consultants who provide advice, design work or any other professional service.
This professional indemnity insurance cover will provide protection for your business in the event of claims for professional error, omissions, or professional neglect towards a third party to whom you owe a duty of care. Failing to have professional indemnity insurance will expose you and your company to the risk of being taken to court and sued for a variety of claims such as breach of confidentiality, libel, slander and professional neglect.
How do I get a professional indemnity insurance policy?
To obtain a professional indemnity insurance policy simply click 'Get a quote' and fill out the form. One of our dedicated professional indemnity account handlers will be in touch as soon as possible to ascertain your specific needs and determine the best policy to suit your needs.
What occupations are covered by a professional indemnity insurance policy?
Professional indemnity insurance is designed for professionals who sell their knowledge or skills. Many types of occupation are included, such as:
- Accountants professional indemnity insurance
- Architects professional indemnity insurance
- Engineers professional indemnity insurance
- Estate Agents professional indemnity insurance
- IT Consultants professional indemnity insurance
- Independent Financial Advisors professional indemnity insurance
- Contractors professional indemnity insurance
Is professional indemnity insurance cover compulsory?
Professional indemnity is not a legal requirement. However, when bidding for a contract most companies will insist on a contractor / consultant having professional indemnity insurance cover in place.
If I am working on a short-term contract, can I get short-term professional indemnity insurance cover?
Professional indemnity insurance is underwritten on a claims-made basis, which means that there must be a policy in force for you to make a claim. If your short terms contract finishes and you cancel the policy, you will not be covered for the work you have undertaken.
What does the term 'retroactive date' mean?
If you have been working without a professional indemnity policy, we can backdate your professional indemnity insurance policy provided that there are no impending claims against you that you are aware of. For example, if you designed a building 2 months previous but did not have professional indemnity insurance cover at the time, we could supply an annual policy with retroactive cover to include such work.