If you are in the business of selling your knowledge or skills, you may want to consider taking out professional indemnity (PI) insurance.
PI insurance can protect your business against claims for loss or damage made by a client or third party if you make mistakes or are found to have been negligent in some or all of the services you provided. PI insurance will also cover legal costs.
Many professions are required to have PI insurance cover as a regulatory requirement or as part of their professional authorisation. This includes solicitors, accountants, architects, mortgage intermediaries, insurance brokers and financial advisers. Many consultants, advertising and PR agencies, and designers also choose to have this type of insurance.
One important aspect to bear in mind when considering PI insurance is that cover is usually on a claims-made basis. This means that the policy will only cover claims that are made while the policy is 'live'.
So, if you plan to cancel your policy when you close your business or retire, you may need to arrange 'run-off' cover for a period of time afterwards.
Also, if you plan to change insurers, you will either need to arrange run-off cover or get agreement from your new insurer to accept new claims for previous incidents.
One way to minimise such claims is to make sure projects are well documented. Ensure that you set out specific responsibilities in your contracts with clients beforehand and deal with complaints promptly.
As this is a specialist area of insurance you should take advice from a suitably experienced insurance broker. For help on consulting an insurance broker, see the page in this guide on how to seek specialist advice. If you choose to deal directly with an insurer, it's worthwhile checking that they are a member of the Association of British Insurers.
Professional indemnity for: - accountants/ solicitors/ architects/ advertising agents/ estate agents/ surveyors/ IT consultants/ design & construct/ engineers/ secondary intermediaries/ emerging trades and professions plus a wide range of miscellaneous professions Excess layer PI policies PI risks that require £20,000,000 any one claim limit of indemnity (per risk basis) SME business for all types of professional trades Clients with a fee income up to £5,000,000 and/or Turnover up to £50,000,000 Trustees Liability Insurance
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"I have used Fenton Insurance Solutions Limited for the farming business I am involved with for the last five years.I have always found them to be very competitive for our Motor Policy and Business Combined Insurance. Whenever we have a claim very quick to act and deal with the situation.I value their friendly efficient service and would not hesitate to recommend them."
Marion Barnes,Eastgate Farms
"I have been a client of Fenton Insurance Solutions for over 10 years and have found them to be professional, friendly and efficient, demonstrating a good knowledge of my business and providing me with suitable and competitive covers."
Tony ParrA J Parr and Sons Ltd
"Over the last 7 years Fentons have supplied us with Insurance cover for the business as well as insurance for home and our vehicles, more recently they have supplied insurance cover for our Son in laws new business. Fentons are tenacious in making sure we have the appropriate cover that meets our needs, their prices are competitive, with the reassurance that should we have a claim that we are deadling with a local company that has our best interests at heart."
Keith BoyceMinuteman Press
"Thank you for the work you have done for us in the last few days in arranging the PI Insurance for us.Your service has been exceptional and we really appreciate the time you have taken to arrange this insurance cover for us, it came across that you really cared about us as customers and would work to try and find a solution for us, which you duly did."
Bob & MickBikeWise Training
"Thank you for your help regarding our company insurance policy. It was with great pleasure we passed on our insurance to Fenton's, as your ability to point out any pitfalls is second to none, your premium was very competitive and the personal touch is much appreciated, we know that your policy is our protection. I am confident we shall pass on our vehicle insurance over to Fenton's, as the fleet policy, even though we only have two vehicles, is looking more competitive than our existing renewal quotes. We look forward to doing more business with you in the future, we have recommended your services and shall continue to do so. Thank you once again."
Karl AndrewsTenacity Interiors
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