Professional Indemnity Insurance
The need for professional indemnity (PI) cover has grown over the past several decades as more people enter professional service-based professions. While PI insurance still covers 'traditional' professionals such as doctors, solicitors, accountants and architects, a whole new market of professionals now need to consider PI cover. Whether a traditional or a new professional, you can protect yourself, your business and your reputation by investing in professional indemnity cover.
PI insurance safeguards against catastrophic losses in the even of a legal action due to a negligent act, error or omission by the professional. In addition to claims of error, omission or negligence, PI insurance may also protect against slander, libel and breach of contract.
Who needs PI cover
It is appropriate cover for anyone who gives advice, makes educated recommendations, designs solutions, or represents the needs of other. Professionals such as accountants, engineers, IT consultants, software developers, planners, estate agents and contractors are prime candidates for carrying PI insurance.
PI Policy overview
PI insurance offers protection for service errors contact performance disputes or any other professional liability issues. These polices can include legal defence costs, damages and compensation due to professional negligence, which can be quite substantial.