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If you’re hired on the basis that you can give sound advice, then you will be held liable if your client suffers as a result of your alleged professional error, negligence or omission.
Professional indemnity (PI) insurance is a constituent of liability insurance, and will still indemnify any due compensation and legal fees in the event of a successful claim.
But whereas public and employer’s liability are designed to benefit the client, PI insurance is designed to benefit the professional.
If you sell professional advice or your business offers a service, for example architects, surveyors, accountants, solicitors or consulting engineers, you may legally require PI insurance.
But even if PI isn’t a legal requirement within your particular industry, you will still be held liable in the event that the advice or services that you’ve provided causes financial damages to your client.
A PI policy is designed to protect you against claims arising from:
If you work in the IT industry you will also be indemnified by the following:
A Claims Made basis refers to a policy whereby a claim can only be made during the life of the policy.
This is based on the condition that you have continuous cover from the date that you initially took out PI insurance, also known as your retroactive date.
This means that any incident within those specific timescales will be indemnified in the respect of an event before the current period of insurance.
Your chosen level of cover will indemnify you for any loss in the respect of any one claim up to the limit of indemnity.
When considering the limit you require you should first consider:
Any One Claim basis - Unlimited claims can be made against the policy, all will be covered up to the maximum limit of indemnity.
Aggregate basis - Unlimited claims can be made against this policy, however each claim will reduce the amount available for the next claim. All claims will be indemnified within the indemnity limit.
Reinstatement - After a claim has been made against an aggregate policy, thus reducing the amount available for additional claims, you can add a ‘reinstatement’ which will revert the policy back to the original indemnity limit.
Costs in addition - This refers to the costs that will be indemnified on top of your indemnity limit.
Costs inclusive - This refers to the maximum payable including all additional fees.
When it comes to deciding what insurance is right for you, we won't pressure you into making a quick-sale.
We will give you all the information you require in order for you to be sure that you’ve got the right policy for you.
We have a team on in-house professional indemnity specialists available to speak to you with regards to any enquiry you may have.
Even if you’re unsure of the cover you need, we’re always here to help you because we care about you and your business.
We will always be transparent, honest and helpful. We are constructaquote.com and honesty is our best policy.
To get started simply enter your details into the quote form at the top of this page.
If you need more information you can:
Ping us an email: CustomerService@constructaquote.com
Call us: 08081 686868
Or pop in:
Barclay House, 2-3 Sir Alfred Owen Way, Caerphilly, CF83 3HU