Professional Indemnity

Many businesses of selling knowledge or skills, may want to consider taking out professional indemnity (PI) insurance.

PI insurance provides protection for a business against claims for loss or damage made by a client or third party if mistakes are made or a company are found to have been negligent in some or all of the services 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 as cover is now provided for a very wide range of occupations such as IT Consultants to garden designers

An important aspect to consider is that cover is usually on a claims-made basis. This means that the policy will only cover claims that are made during the current period of insurance.

If a policy is therefore not renewed all cover ceases even for events happening in previous years , so 'run-off' cover should be considered for a period of time.

To make sure that your business gets the right protection at the right price call the Noyce Team to protect your Services.