What is Professional Indemnity Insurance?
Anybody providing advice or consultancy services for a fee has an exposure that needs to be considered
Professional Indemnity (PI) Insurance isn’t just limited to typical ‘professions’ such as accountants, engineers, lawyers, doctors and architects. Essentially, anybody providing advice or consultancy services for a fee has an exposure that needs to be considered.
What It Covers & What to Consider
What’s included in your Professional Indemnity Insurance
Imagine if you accidentally breached your client’s privacy or confidentiality, missed out important information, made an error or provided incorrect advice. Any of these simple oversights could lead to a claim against your business, making it vital to protect yourself, your business and your reputation.
Another important consideration is the potential legal costs associated with defending any claim or allegation. The court and legal fees are often underestimated and it can be especially difficult to fund this element of the claim, whilst also trying to keep your business running as normal.
Amongst other risks, PI Insurance typically covers:
Breach of duty – includes privacy related issues
Breach of consumer, competition and fair trading
Loss or damage to important documents
Infringement of intellectual property
Public relations costs – to assist with any reputational damage following a claim against your business
Claim investigation costs - costs of investigating, defending and settling a claim.
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