Professional indemnity insurance
Professional indemnity (PI) cover is a type of business insurance that protects any person who gives advice as part of their job, or provides a professional service. If a customer claims against a business for making a mistake resulting in financial loss, a professional indemnity policy can cover any compensation fees.
Do you need PI insurance?
Many people assume that professional indemnity cover is only needed by people in desk-based jobs, such as solicitors, accountants and financial advisors. But it’s actually an important type of cover for people working in a much larger range of sectors.
Any business that gives advice, offers a professional service, or handles client data or intellectual property, should really consider this type of insurance. This means you could be a plumber, private tutor, engineer or personal trainer and still need PI.
Is PI a legal requirement?
PI insurance is a legal requirement for certain professionals, like the above mentioned accountants, solicitors, financial advisors and architects, and may also be required as part of client contracts. Even if your line of work doesn’t demand PI cover, you should still consider it in order to safeguard your business.
What does it cover exactly?
A professional indemnity policy can recoup the costs of compensation payments and legal fees should one of your customers claim against you. The payment to them will typically be linked to the financial loss the customer has experienced.
A couple of examples of PI claims would be an individual or business suing a web designer for using unlicensed images on their website; or a claim against a consultant accidentally revealing sensitive data by forwarding an email to the wrong person.
Safeguard your business with Stride
If you’ve decided you need to protect your business with PI insurance, or it’s time to renew your policy, turn to the experts at Stride.
We’ve been in the market for well over 40 years and, during this time, have built strong relationships with the UK’s leading insurers, like AXA, Aviva and Zurich.
As we’re an independent broker, we’re able to offer impartial pi risk management and insurance advice. This also means that we won’t try to push a certain product – our top priority is finding you quality, all-round cover for a price that won’t break the bank.
To find out more about our insurance packages, call 023 9224 8780. Alternatively, get a quote online today.