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Professional Indemnity For Business:

Professional indemnity insurance, PI insurance, professional liability insurance, errors and omissions. Whatever you call it, it covers professional people or businesses providing a specialist service – design, advice, words, numbers, ideas or other expertise – to paying clients.

It protects you if one of those paying clients (or a third party) alleges you’ve made a mistake and it’s cost them money. And they sue you for their losses.

Your policy pays for a specialist solicitor to defend you and, if it turns out you’re culpable, picks up the tab for compensation or damages you have to pay your client.

How Much Professional Indemnity Cover Do I Need?

To work out how much you’ll need, it’s worth thinking about the risks your business could face and the maximum amount you’d need to pay out in legal fees and compensation in a worst-case scenario. Professional indemnity insurance lets you choose from a range of cover limits so you can get protection suited to your business.

It protects you if one of those paying clients (or a third party) alleges you’ve made a mistake and it’s cost them money. And they sue you for their losses.
Your policy pays for a specialist solicitor to defend you and, if it turns out you’re culpable, picks up the tab for compensation or damages you have to pay your client.

We can offer Professional Indemnity Sum Insured Limits from £50,000 to £5,000,000 – And above if should you require more cover than this!

How Much Does Professional Indemnity Insurance Cost?

Our professional indemnity cover can be tailored to a wide range of professions, so it’s likely we’ll already understand the most common risks your business could face. But we’ll still need you to tell us about your business, for example when you started trading, how many employees you have and what your turnover is. By filling out a few simple details you can get a quote specific to your business requirements in a matter of minutes.

Our Experience & Relationships

Moneycornershop.com is a proud member of the Purple Partnership – Who have been voted the Best Broker Network in the UK – 3 times in the last 4 years – Which means many insurers provide exclusive deals for us, with competitive pricing and enhanced policy cover.
We have access to global insurance markets who cover over 1,000 trade types as well as many underwriting specialists who focus on niche trade sectors. We have over 50 years collective experience and relationships with underwriting specialists which have the capacity and understanding of the industry to write and place any risk.
When this is combined with the great service our team provides, you can see why people choose to let us arrange their insurance.

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Claims Examples For Design & Construct Professional Indemnity

You’re good at what you do and have confidence in the quality of your work. So why do you need professional indemnity insurance? The reality is that any small business providing a professional service that can be challenged is vulnerable to a claim of negligence when the advice or service fails to meet a client’s expectations.

  • The insured designed and built a new car park building. Incorrect structural calculations contributed to total building failure. Amount paid: £550,000 plus costs
  • The insured contractor was employed on a design and build basis to construct a hotel. The design works were subcontracted. Clear design errors became apparent during construction leading to rectification costs and delays. The architect had ceased to trade. The architect’s PI policy failed to respond and the contractor was left holding the baby. Amount paid: £850,000

For example, you may be faced with paying compensation to a client if they make a claim of:

  • negligence – being careless in your work, such as giving bad advice or making a mistake
  • infringement of intellectual property rights – for example re-using content from a website without permission
  • defamation – making false or damaging claims about a person or organisation
  • breach of confidence – sharing confidential or commercially sensitive information without consent.

Find the right professional indemnity insurance policy for your profession to make sure you’re covered against the risks your business is most likely to face.

The Different Levels Of Professional Indemnity

  • Full blown design and build – this is where the contractor does everything using its own employees i.e. all the design work, the supervision of construction and the building work. The professional exposures are the same as a consultant within the construction industry.
  • Contingent design and build – This is where the contractor takes on the contractual responsibility for the design but sub contracts out such work to others. The design work would be carried out by firms of architects and engineers who should carry their own professional indemnity. In view of the fact that insurers should be able to recover payments from those professionals who have carried out the negligent work, (any payments made emanating from their negligence) this is regarded as lower risk. It is vital here that the contractor ensures that any consultants it employs carry, and continue to carry, PI insurance.
  • Pure contracting – This is where the contractor purely builds from the designs and under the supervision of other professionals who have been appointed directly by the client. This is considered by insurers as low risk work but is not without its dangers. See ‘Hidden Exposures’ below
  • Hidden exposures – Frequently contractors who offer no design services at all are being asked to carry professional indemnity. A question they often ask ‘what risks do I face if I offer no professional services.
  • The answer is that there are some risks: Design alterations, Design Checking Services, temporary works, unsuitability of materials, duty to warn.

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