PI Insurance Policy Options

Do I need professional indemnity insurance?

Historically PI cover was arranged by traditional professions; accountants, architects, engineers, surveyors and solicitors but with the increase in litigation in the UK anyone involved in providing advice or services should consider professional indemnity insurance.

What limit of professional indemnity insurance do I need?

No two businesses are the same and it is important you take a realistic view of the potential damages and legal costs your business could incur. Policies are normally issued with a level of indemnity between £100k and £1 million, but a businesses potential risk can mean they need cover into the £10’s of millions. To avoid under insurance we would not normally recommend a policy for under £250,000 but if in doubt ask us for guidance.

What exactly is covered?

PI insurers all have individual policy wordings but normally it is the financial loss suffered by the claimant as a result of negligence, unintentional breach of confidentiality or infringement of intellectual property rights, libel, slander, defamation, loss of documents and dishonesty of your business. Settlements are made up to the limit of indemnity of the policy, less any policy excess.

What does a “claims made” policy mean?

This means claims are covered by the policy you have in force at the date of claim and not the date the advice or service was provided. Therefore you must consider maintaining cover for as long as there is a risk of a claim, often many years after you have completed the contract.

What is a retro date?

A policy that does not contain a retro date means it will not provide cover for advice and services you have provided in the past. As pi insurance is a “claims made” policy it is important your policy has a retro date inline with advice and services you have provided in the past.

Can you provide immediate cover?

Yes, for some risks we can provide you with immediate cover over the telephone, however the majority of quotations are obtained after submission of a detailed written presentation. If you hold existing cover and have completed a renewal declaration we can normally use this to obtain quotes.  

How do I pay for my insurance?

For most policies we offer the choice of monthly or annual payment terms. Annual payments are made by cheque, debit or credit card or if you prefer to spread the cost of your insurance and pay monthly we offer a direct debit scheme. 

How do I get help?

How do I obtain a quote?