What is Professional Indemnity insurance and why is it important to be covered?
Professional firms need comprehensive Professional Indemnity (PI) insurance to protect them against claims for professional mistakes, errors and omissions. In an increasingly litigious society, PI insurance offers protection against potentially calamitous financial loss and is a compulsory requirement of many professional bodies.
PI insurance provides cover for the legal costs and expenses involved in defending a claim, as well as compensation payable to your client if you are found to be responsible for providing inadequate advice, services or designs that cause your client to lose money. Having a PI policy in place is crucial to allow you to work freely and confidently in the knowledge that your business and personal assets are protected.
Providers of professional services can find themselves in disputes with their clients and others claiming damages allegedly caused by failure of their services to meet their clients’ expectations and/or the legal standard of care.
Even when these claims have little or no merit, professional firms or individuals will still need to pay for the defence against such allegations and may find that a settlement is preferable to the uncertainty and expense of protracted litigation.
What can be covered by PI insurance?
Some of the risks that may be covered by a PI policy include:
- A negligent act, error or omission
- Loss of documents or data
- Unintentional infringement of intellectual property rights
- Dishonesty and fraud
- Unintentional defamation (libel and slander)
Why choose Arlington?
- We have access to various professional indemnity markets, making sure we get you the right cover at a competitive price
- We have specialist sector knowledge and make sure we take the time to really understand your business and the challenges you face
- Our reputation in the marketplace gives us considerable influence and negotiating power with insurers
- We can provide interest free premium instalments with certain insurers to give you value for money
Who needs Professional Indemnity cover?
Arlington acts for and works with a wide variety of clients, including accountants, book-keepers, actuaries, architects, property and construction professionals, surveyors and many other professional services businesses and individuals.
How to obtain PI cover
We are a people business and would welcome the opportunity to discuss your individual needs. However, if you would like the convenience of using a quick and simple quote and buy online, you can do that here.Get a quote
Alternatively we’d be delighted to talk through your insurance needs in person
If you would rather talk to us, please call Verena Cole on 0117 387 8880 or Anna Lloyd on 0117 387 8881 or email email@example.com.