Professional Indemnity Insurance

Contents

  1. Professional Indemnity Insurance
  2. What is Professional Indemnity Insurance?
  3. Who Needs Professional Indemnity Cover?
  4. How Much Does Professional Indemnity Insurance Cost?
  5. Examples Of Where PI Cover May Help

Professional indemnity cover is particularly relevant for companies and individuals that offer expert advice and professional services. For certain professions law, accountancy and financial services it's a legal requirement.

For other types of work, PI is often a condition of membership of professional institutions, or of a particular job contract. However, as mentioned earlier, the nature of the way that claims can arise means that it's important to remain covered during and after any period in which your work is undertaken. For many professionals, that means their whole working life.

And given the time lapse that can occur, many professionals purchase a "run-off" policy that will cover them for several years into their retirement.

  • "Anyone who is responsible for giving advice or guidance owes a duty of care," says Malcolm Tarling of the Association of British Insurers (ABI).
  • "So think carefully about having professional indemnity insurance. Talk to your current business insurance provider, or seek advice from a specialist insurance intermediary."

Business insurance is issued by Royal & Sun Alliance Insurance plc, which is authorised and regulated by the Financial Services Authority (Reg No. 202323). All offers subject to availability. For your protection, telephone calls may be recorded or monitored. Discounts based on prices available for like-for-like RSA policies.