What is Professional Indemnity Insurance?
Professional Indemnity protects professionals against claims of negligence or breach of duty made by a client due to receiving perceived professional advice or services from your business.
Suppose someone alleges that you've made a mistake, overlooked a critical piece of information, misstated a fact, or may have misinterpreted what you have told them in the course of your work, which results in a financial loss for your client. Should that happen, they may take legal action against you to recover these losses.
Whether or not the allegation is true, Professional Indemnity Insurance provides protection for your assets and your reputation. This will give you peace of mind and enable you to focus on on your business without the stress of financial or reputational ruin should a claim arise.
Protect Your Financial Interest
As there is always the risk of an unhappy client claiming against you regardless of your skill or level of professionalism, your Professional Indemnity Insurance is there to protect your interests. It will pay for your legal defense as well as any judgments or settlements resulting from any claims that you or your business may suffer, up to stated policy limits.
Who Needs PI Insurance?
Professional Indemnity (PI for short), is suited for any occupation that provides advice to others. Some examples include:
Consultants and Contractors
Doctors, Dentists and those in a Medical field
Lawyers (Barristers and solicitors)
Teachers and Tutors
Architects and Surveyors
Design and Construction