Professionals

Professional
Indemnity

Any company, practice or individual that provides professional advice or services is potentially exposed to legal actions arising from the conduct of their professional business.

In today’s litigious environment, the risk of allegations of negligence increases, no matter how spurious, and without insurance protection the cost of the legal defence and any subsequent settlement can prove disastrous for the business.

A Professional Indemnity insurance policy (also known as “PII” or “Errors & Omissions insurance”) will provide protection to a firm from such claims.

For some professions PII is a regulatory or professional requirement (such as surveyors, architects and estate agents). Other firms may choose to have this type of insurance protection as part of good business practice or because of contractual obligations.

The insurance market offers a myriad of different PII policy forms and subtle differences in policy wordings can have a wide effect on the scope of cover provided. Some professions (such as RICS members) also have industry specific wordings and mandatory requirements that impact on the scope and level of PII cover to be arranged. The basis of covers and wordings offered are subject to constant change and variation and so it is important that you choose a broker who has the specialist knowledge to guide you accordingly.

All policies will provide for damages and legal costs, with many insurer wordings expanding the scope of protection provided to include loss of documents, court attendance costs, breach of confidentiality, libel & slander, and fidelity.