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Professional Indemnity Insurance

The professional person must exercise whatever degree of care and skill is reasonably expected of any competent practitioner in that profession at that time. If a person provides advice or a service to another and carries that work out negligently, he or she can be held legally liable for the consequences.

Normally, such advice or services are provided under the terms of a contract. Liability can arise because there has been a breach of duty of care or a breach of contract.

Professional Indemnity will pay all reasonable costs incurred in the defence (i.e. legal fees) or settlement of such claims arising from the above.

Traditionally, people like Accountants, Surveyors, Engineers, Solicitors and Architects were regarded as 'professionals'.

Modern reliance upon services provided by others and the increased use by business of outside consultants has increased the scope of this term and a professional is now often regarded as any person who offers 'specialist advice or service'.

As a result other professionals who should also consider cover include: Market Research Consultants, PR Consultants, IT Consultants, Graphic Designers, Web Designers, HR Consultants and Health & Safety Consultants

Professional Indemnity Insurance provides cover should you be sued for negligence in the work that you have carried out.

Cover usually starts at a limit of indemnity of £250,000 and can increase indefinitely. The amount of cover you will require will depend on the size of your contracts and any specific limit one of your contracts may require you to have.the property of a third party.

It is important to bear in mind that cover is provided on a ‘claims made’ basis whereby you are covered for any claims made against you during the period of cover.

As a result you should continue to purchase cover after you have finished a job in case a claim arises several years after the completion of the job. We have access to all the UK's leading Professional Indemnity insurers to ensure we get the best policy for you.

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