Professional indemnity insurance - who needs it?

Many professionals such as solicitors, architects, accounts, engineers, estate agents, IT consultants and contractors are required to have PI insurance as a regulatory requirement.

Professional indemnity insurance is also often taken out by a range of other professionals like consultants, designers, and members of PR and advertising firms. While professional indemnity is not necessarily compulsory for some of these professions, many companies will treat it as essential insurance.

Today’s savvy consumer is highly aware that pursuing a claim against you or your company could be a lucrative option if they feel that the services provided have not been top notch. This perhaps makes the need for PI insurance greater than ever.

Although PI insurance is not a legal requirement, when bidding for a contract, most companies will insist on/prefer a consultant who has professional indemnity insurance cover in place.

<Part 1: Introduction Part 3: What does it cover?

Covered in this guide

Part 1: Introduction

Part 2: Who needs it?

Part 3: What does it cover?

Part 4: Things to consider

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Liability Insurance – This insurance can provide you with employer’s liability and product liability insurance. We offer a highly competitive standard package with optional extras.
Public Liability Insurance – Public liability is essential insurance for many businesses, especially those working closely with the public. We offer cover of £1m, £2m, £5m, or more on request. Only pay for what you need.
Employers liability insurance - If you have employees working for you, you are legally obliged to have employers liability insurance. We provide you with £10m of employers liability so you can rest assured you’re fully covered.
Shop Insurance – Retail insurance is a package of policies covering employer’s liability, public liability, business interruption and building insurance. Retail insurance is important for any business with premises. We offer a range of policies from top underwriters.
Professional Indemnity Insurance – This type of policy protects your business against claims for loss or damage if you are found to have been negligent in your duty. This is particularly important if your company imparts professional advice. Our policies cover businesses for a range of circumstances and are very competitive.
Restaurant Insurance – Our restaurant insurance packages can be tailored to your specific business needs. We provide you with a range of restaurant insurance options, from liability and business interruption insurance, to money and glass cover.