The need for professional indemnity (PI) cover has grown over the past several decades as more people enter service-based professions.
While PI insurance still covers "traditional" professionals, such as doctors, solicitors, accountants and architects, a whole new market of professionals now need to consider PI cover.
PI insurance safeguards against catastrophic losses in the event of a legal action due to a negligent act, error or omission by the professional. In addition to claims of error, omission or negligence, PI insurance may also protect against slander, libel and breach of contract.
Who Needs Professional Indemnity Cover?
We can provide cover for:
- Windfarms / wind turbines
- Accountants including tax work
- Independent Financial Advisors (IFA’s) to include Full DBT cover
- Architects
- Construction
- Civil Engineering
- Estate Agents / Surveyors including S&V work
- Contractors
- IT Consultants / software developers
The main reasons professionals seek out PI insurance include the following:
- It is legally required for their profession (Solicitors Act 1974).
- It is a regulatory requirement. Many professional organisations, such as the Architects Registration Board, require their members to have PI insurance before they can practice.
- It is contractually required by the customer.
- It provides extra protection against potential legal costs and expenses.
To find out more contact Richard Garrad richardg@willisinsurance.co.uk 02890 32 90 42
To find out more about our Services please contact our team today on T. +44 (0) 28 9032 9042 or fill out the form below: