What is professional indemnity insurance?
Fundamentally, PI insurance protects you against the financial consequences of making mistakes, of getting it wrong.
It's a fact of life that we all do make mistakes from time to time. And if a mistake you make in a professional capacity results in a financial loss for a client, there is an increasing likelihood that you will be sued for compensation to cover that loss. If you contest the case, and lose, there is also a very real possibility that all the legal costs will be awarded against you too.
Professional indemnity will cover you for the full amount of any compensation claim as well as all the legal costs – up to the limit of your policy.
How much cover should you have?
It's often the case that the amount of PI cover you need will be determined by your professional association or by a client whose work you are tendering for. In all other cases, it is always prudent to opt for the maximum amount of cover you can afford. Because remember, if the total compensation and costs awarded against you amount to more than the policy limit, you will be responsible for making up the difference.
- Limit of Indemnity Up To £2 million >
- Comprehensive A+ Rated Cover >
- 350+ Professions Insured >
- Low Excesses (max £500) >
- Full Protection From £78.40 p.a >