Professional indemnity Insurance

In today’s litigious society, Professional Indemnity (PI) Insurance

is a must if you are giving advice, services or designs.

Although it’s not a legal requirement, you may find that if you’re an architect, surveyor, accountant or solicitor, trade bodies will require you to have Professional Indemnity as a condition of joining, Insurance Brokers cannot trade without it!

Although not required by law, imagine being in a situation where your advice has resulted in your client being at a financial loss and on top of that, you having a hefty bill for your legal defence costs including any damages awarded to your client.

Common professions who take out Professional Indemnity are detailed below:

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Design and Construction

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Estate agents

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IT Consultants

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Business consultants

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Electrical contractors

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Training consultants

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Landscape design and Gardening

PI cover includes
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Negligence or breach of professional duty

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Negligent misstatement or negligent misrepresentation

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Defamation, libel or slander

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Infringement of intellectual property right, other than patent and trade secrets

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Dishonest or fraudulent acts or errors of any present or former employee (subject to exclusions)

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Breach of any contractual or common law obligation of confidentiality, including invasion of privacy.

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Inadvertent transmission of a virus

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Any other civil liability

The different types of covers:
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Claims made

This means that if a claim arises from an insured situation that happened a few years ago; as long as you’ve had continuous cover from the date it occurred, your current policy will cover you.
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Any one claim

This means that an unlimited amount of claims can be made during the policy term up to the indemnity limit that you have.
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Aggregate

An unlimited amount of claims can still be made, but every claim will reduce the indemnity limit available for the next claim.
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Reinstatement

After a claim has been made against an aggregate policy which means that you have a lesser amount available for any other claims, you can opt for reinstatement which will revert you back to your original indemnity limit.
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Costs in addition

This means that any additional costs incurred outside of your insurance limit will still be covered, even if those costs exceed your indemnity limit.
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Costs included

This means that you will be covered for a maximum of your indemnity limit, including costs and damages.
We have many insurers for this specialist cover on our panel – please contact us to arrange a quotation or insurance review of your current policies.

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About

Abrams Insurance Services Ltd is a commercial insurance broker based in Essex and serving the country nationwide.

Contact Details

01277 598500

First Floor, Kings House, 101-135 Kings Road, Brentwood, Essex, CM14 4DR