Professional Indemnity Insurance
SAFEGUARD YOUR BUSINESS AGAINST CLAIMS MADE BY CLIENTS OR THIRD PARTIES
If your business offers professional advice, design or consultancy services, Professional Indemnity Insurance (PI Insurance) is essential to help protect your company from claims arising from actual or alleged negligence, unintentional breach of confidentiality or copyright, libel or defamation, or any other act which leads to a civil liability. PI Insurance isn’t a legal requirement; however, for many projects that you enter into, PI Insurance will often be a contractual requirement.
We can assist you in sourcing the right Professional Indemnity Insurance cover for your business alongside your other business Insurance requirements. Call us now on 01892 511 144, email info@dcuk.co.uk or click below, and we’ll call you back.
How Professional Indemnity (PI) Insurance can help your business
Should a claim arise against your business, PI Insurance can help your business cover the legal costs, expenses and subsequent awards. For example, if a client says they’ve lost money because of something they say you have done or haven’t done while carrying out your professional services, in that case, this insurance will help you by either defending the claim, paying for solicitors’ legal costs, or will pay out costs for Third Party Damages (financial compensation) and costs awarded against you.
Having PI Insurance can also be essential for winning contracts and offering an opportunity to do business with larger companies, as many clients require PI Insurance coverage as a contractual requirement.
As you can see, your business insurance is in excellent hands with Darwin Clayton
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Why arrange Professional Indemnity Insurance through Darwin Clayton?
Our experienced insurance specialists are committed to working closely with you to understand your business, its activities, and the specific risks it faces. Using this knowledge, we can tailor coverage that fits your business’s unique requirements. You will have a dedicated insurance advisor who will offer you professional guidance and answer any questions you may have. There are various different types of Professional Indemnity policies in the market, with their own variance and nuances around cover. So it is important you have the right policy for your business to cover your range of professional activities you provide.
Additionally, partnering with us provides you with:
- The ability to approach the PI Insurance market for you and review and compare different policies and their Wordings.
- Specialist advice from experienced insurance professionals.
- Support throughout the claims process to help you navigate what can sometimes be complex and stressful; we will help and advocate for you along the way.
- Keeping you up to date with the latest information on industry developments.
If you would like to discuss arranging Professional Indemnity Insurance for your business please call us on 01892 511 144, or email info@dcuk.co.uk.
Examples of Professional Indemnity claims
Professional Negligence and Civil Liability:
HVAC Design Flaws: A Mechanical & Electrical Contractor installed a ventilation system in a large clothing store. The location of where the system was installed meant that the system kept overheating, and during the hot summer months the store became so hot that they had to close the store to the public, resulting in a loss of income. The insured had been part of the design and specification process and had failed to warn their client that this scenario could happen during hot weather. The total amount paid including legal costs was over £300,000.
Energy Consultant: A law firm claimed to have been charged thousands of pounds more than the price they believed they should have paid for the energy used over a particular period of time. This overpayment was felt to have been caused by a lack of communication on Liam’s consultancy’s part around new energy tariffs. – Source: Hiscox.
Defamation: An employee is alleged to have spoken, written or printed a false statement about another organisation, such as a competitor or an individual.
Breach of copyright: Cover if a claim is made against you for unintentionally using someone’s intellectual property without permission.
Loss of documents: If documents in your care are lost or damaged. This extension of cover will cover the cost of repairing, restoring or replacing any document which is damaged or mislaid.
Professional Indemnity Insurance FAQ
Getting the right insurance is essential to every business. To help you do that, we’ve put together a list of frequently asked question. We hope you find them helpful. If you’d like any advice, please call us on 01892 511 144. Our team of insurance professionals are here to help.
Having Professional Indemnity Insurance in place is not required by law. However, PI insurance can help protecting your business from claims made by your clients or third parties if they lose money as a result of negligent advice or service provided by your employees. PI insurance can also help you win contracts as it is often required clients before they can hire you. If you require any further information on Professional Indemnity Insurance, please feel free to call us on 01892 511 144, or email info@dcuk.co.uk.
Professional Indemnity Insurance is an essential tool for companies who offer professional advice or services. Despite the fact that PI Insurance is not a legal requirement, many clients will not hire you without you having this insurance cover in place. Therefore, PI Insurance can help you with winning contracts or getting business from larger companies. If unforeseen occurs and your client or a third party makes a claim against you due to your negligent advice or service, this insurance coverage will not only help you cover legal fees and expenses, but it can also help you protect or mitigate damage to your company’s reputation.
Every business is unique, and your quote will be determined by a number of factors such as the level of cover that you require, number of employees, annual turnover and risks associated with your business. Getting a quote tailored to your business specific needs is easy, you can get a quote here or contact our experienced team of insurance professional on 01892 511 144, or via email info@dcuk.co.uk.
If your business offers any consultancy, design, or advisory services, or you have access to your client’s confidential information, then Professional Indemnity Insurance is an essential element of your business insurance solution. Also, many clients require this insurance cover as a part of their contractual requirement. Having PI Insurance in place shows your clients that your business takes responsibility if things go wrong and having this cover can be essential for winning contracts or getting business with lager companies.
Like some more Professional Indemnity Insurance help?
If you’d like some help with your Professional Indemnity Insurance, please give us a call on 01892 511 144. Our team of insurance professionals will be happy to help you get the protection you need and offer you an Professional Indemnity Insurance quote.