Professional Indemnity Insurance provides essential financial protection for a wide range of professions
In the event that a client suffers financial loss as a result of alleged neglect, error or omission, professional indemnity insurance will meet the cost of defending claims and any damage payable.
Any person who gives advice, designs or offers a similar service in a professional capacity, is seen by clients as an expert. In these times of high consumer awareness, clients will not hesitate to pursue a claim if they feel that they have received sub-standard service. The need for professional indemnity insurance has never been greater.
While some people see PI insurance as an expensive and unnecessary overhead, we know from experience that anyone can produce substantial claims. Court awards have risen sharply and without insurance, the financial security of your business is threatened.
How much cover is required?
Only you can asses the amount of cover appropriate to the business. In determining how much cover to effect, it is important that a realistic view is taken of the potential damages and legal costs for which the business could become libel.
Being under-insured can be almost as financially disastrous as being without insurance at all.
Many of the traditional authorising bodies such as RICS, ARB, ICE, ICA do have minimum levels of cover, which of course we would guide you on when obtaining quotes from us.
We recommend irrespective of any guidelines that a limit of no less than £250,000 is taken out. We would however provide a quotation for lower levels if asked to do so, and can arrange cover up to a limit of £10,000,000 (or more if required).
Whether you already have cover or are looking to protect your practice for the first time, we will obtain competitive quotes from all the leading insurers and with our contacts at Lloyd’s of London.
We are pleased to provide quotations for organisations or individuals anywhere in the world. In the UK our policies match requirements for RICS, RIBA, ICA, ARB, CIMA, ICE, and other authorising bodies.
For help, or if you wish to discuss the type of business or organisation for which you need cover, please telephone +44 (0) 1323 648000, fax +44 (0) 1323 648001 or e-mail email@example.com.