About Professional indemnity insurance
Nobody expects to make mistakes, but professional indemnity cover is on hand to safeguard your business if a client alleges there are faults in your work.
PI insurance helps in several situations that might bring financial loss or reputational damage for your client.
What does professional indemnity insurance cover?
- Professional negligence or a breach of a duty of care – this might occur when poor conduct or advice results in negative consequences for a client
- Negligent misstatement or misrepresentation – this is where a client or other party claims you made a false or misleading statement about their business
- Defamation – a client may claim a statement you’ve made to be untrue and damaging to their reputation and make a claim against you
- Breach of confidence – whether intentional, accidental, this is when private information is disclosed without consent as a result of a business activity
- Breach of copyright – when you unintentionally use someone else’s intellectual property rights in work you do for a client
- Lost or damaged documents – a policy can cover the cost of recovering documents
Who is it for?
— Audio visual
— Building Contractors (Ideally no design / Contingent)
— Building Services (HVAC)
— Internal Fit Out Contractors
— Interior Design
— Specialist furniture designers
— Mechanical / Electrical Contractors
— Installation only risks
— Building services (HVAC)
— Pharmaceutical / Validation engineers
— Feasibility Studies
— Accountants (under 500k in fees)
— Estate Agents (No Valuation)
— Miscellaneous Professions (Weird & Wonderful considered)
— Recruitment Consultants
— Management Consultants
— Green Consultants
— Regulatory/Compliance Consultants
— Property & Facility Managers
— Government/Semi state bodies