If you work in a ‘professional service’, whereby you sell advice or informed opinion, you will be expected to provide a quality service within the accepted standards of your profession. However, despite your best efforts, training and research, mistakes can happen, and if it is found that the advice you provided was out of date, incorrect or not communicated effectively, the consequences for you and your business could be costly and devastating.
What is Professional Indemnity Insurance?
Professional Indemnity is an insurance designed to protect professionals against claims made as the result of an error, or incident following their professional activities or advice. Policies cover things such as professional negligence, errors or omissions, and breaches of professional duty and conduct.
Is Professional Indemnity Insurance a legal requirement?
Unlike employer’s liability, which is required by law for most businesses with staff, Professional Indemnity is not a legal requirement for all businesses, but it is mandatory for members of some professional bodies. If you work in accountancy, architecture or chartered surveying, it’s likely Professional Indemnity will be required. Some client contracts may also require you to have PI coverage, so always read the small print and if you’re not sure whether it’s needed, take some professional advice.
How can a broker help?
It’s no secret that you can buy Professional Indemnity insurance online. A comparison site will offer a variety of tempting deals, but will an ‘off-the-shelf’ package like this really provide you with the cover your business needs to be adequately protected? Professional Indemnity Insurance may be the most complex and costly insurance your business will purchase, and having a professional to oversee the process is invaluable. An experienced Professional Indemnity broker will take the time to understand your business, review your contractual responsibilities, explain the small print and highlight potential exclusions, so you can make informed decisions and ensure you’re not paying for coverage you don’t need.
Robison & Co are experts in providing well thought out, competitive Professional Indemnity Insurance solutions to a wide range of businesses. If you’re considering PI Insurance for your business contact Robison & Co on: 01730 265500 or visit our Professional Services page.
