Professional Indemnity Insurance, often called PI Insurance, can protect businesses and professionals against certain claims arising from professional advice or services.

Claims can involve allegations such as:

• Professional negligence
• Errors or omissions
• Incorrect advice
• Design errors
• Inaccurate reports or documentation
• Breach of professional duty
• Failure to meet an agreed professional standard

Depending on the policy and circumstances, cover can include:

• Legal defence costs
• Expert and investigation costs
• Insured compensation or damages
• Settlements agreed with the insurer

Who can need Professional Indemnity Insurance? #

Professional Indemnity can be relevant to occupations such as:

• Engineers
• Building Designers
• Architects
• Town Planners
• Building Inspectors
• Landscape Designers and Landscape Architects
• Quantity Surveyors
• Land Surveyors
• IT and technology consultants
• Accountants
• Environmental Consultants
• Other professional and consulting businesses

It may also be required by:

• Professional registration
• An industry accreditation
• A client contract
• A tender
• Another contractual arrangement

How does Professional Indemnity respond to claims? #

Professional Indemnity Insurance is generally written on a claims-made or claims-made-and-notified basis.

This means matters such as:

• When the claim is first made
• When the insurer is notified
• The retroactive date
• Previous known circumstances
• Continuity of insurance

can be important.

You can read more about claims-made insurance.

Contact our team if you need assistance with Professional Indemnity Insurance.