Professional Indemnity Insurance
Please get in touch using the different contact methods below.
Professional Indemnity Insurance
- Choice of Cover Levels (up to £10 million)
- Large Panel of Professional Indemnity Insurers
- Legal Advice Helpline
- Defence Costs Covered for Solicitors and Expert Council
- Compensation Paid (or out of court settlement)
- Existing and Previous Work Insured
Professional Indemnity Insurance – often called PI Insurance – covers the cost of compensating clients for loss or damage resulting from negligent services or advice provided by an individual or a business.
If you provide a service, or provide advice, either as an individual or a business, you should have professional indemnity insurance to protect yourself against claims (which is becoming more commonplace in today’s “compensation culture”.)
If you offer knowledge, skills and advice as part of your profession then PI Insurance is a peace of mind insurance policy which will cover you and your business against what can be sizable costs in defending claims made against you.
Professional Indemnity Insurance covers you and your business against claims made for bad advice or accidental mistakes that cover a variety of professions and businesses, some are listed below.
If you are a freelancer, contractor, consultant or self-employed, then PI cover is probably for you.
- Accountants
- Solicitors and Lawyers
- Architects
- Engineers
- Marketing Consultants and Agencies
- Surveyors
- Contractors
- Builders
- Estate Agents
- Financial Consultants
- Healthcare professionals
- IT consultants
Professional Indemnity Insurance policies are the same in principle if you are a sole trader / freelancer vs a company (such as Accountants, Solicitors etc) but in reality, it is a policy that protects a person or group of people against claims made for incorrect advice or a perceived bad service.
Our Unique Point of Difference
It is important that the underwriters of a professional indemnity insurer understand the business risks and any past claims that have been made. This needs an insurance broker that fully understands our clients (or potential clients) business and can communicate directly with the underwriters to fully explain the complexities involved. This is a real people – not machine – based relationship with insurers that is required in some cases.
Hallsdale Insurance in the past have had a firm of accountants, with over 30 staff, declined PI cover from all insurers due to perceived risk and an outstanding claim that hadn’t been settled which essentially meant they would need to cease trading with immediate effect! (You must have PI cover to trade as accountants). It was only our expertise and direct intervention over several days that secured cover for our client and they continued trading as usual.
Professional Indemnity insurance has increased in price exponentially over the last 5 years due to the amounts of claims made, so the premium is a much bigger percentage of your companies revenue, therefore having the right insurance broker is more important than ever.
Professional Indemnity Insurance
An important consideration is that a good professional indemnity insurance policy protects you not only against any claim within the actual term of the policy (normally one year from inception), but also against any claims against you for previous work – usually up to seven years go – and it is surprising how many “old” claims come up well past the end of the project.
For example, if an architect made a mistake with the design of a property and it suffered major subsidence 4 years after construction, then it is highly plausible and likely that a claim will be made, that will need to be defended and potentially paid – which will be a highly expensive process.
PI Insurance can cover the defence of your claim – both solicitors and barristers should it go to court – and the actual settlement of the claim, whether this is agreed out of court or awarded in court by a judge.
Using Hallsdale Insurance to provide your Professional Indemnity Insurance gives you two distinct advantages.
- We are PI experts and source these policies for freelancers, SME’s and large corporates in different sectors throughout the UK. Hallsdale really do understand the PI market and the different professions that need PI cover.
- Our expertise gives us close relationships with a large panel of leading professional indemnity insurers, ensuring we can provide the very best policy for your requirements and negotiate on your behalf.
Hallsdale Insurance would be delighted to speak to you about Professional Indemnity Insurance, whether you are a freelancer, contractor or larger business.
Please get in touch using the different contact methods below.