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What Is Professional Indemnity Insurance?

Professional indemnity insurance can help protect your business if a client claims there’s a problem with the work you’ve done for them. It can cover your costs if you need to pay compensation to correct a mistake or settle a claim, and can also cover your legal defence. Even though you may strive to deliver an impeccable service, mistakes do happen. A PI insurance policy is designed to protect you against the cost of dealing with a claim from a disgruntled customer. Whether that’s due to a project overrunning or strategic advice that ends up losing a client money, it’s important to ensure you’re covered should an error occur.

Your role is to give advice and guidance on the right mortgage, loan or insurance product for your clients. You aim to give the best advice possible but what would happen if your client claims they have suffered a financial loss as a result of your advice? Mortgage Brokers Professional Indemnity Insurance is there to protect you if your client suffers financial loss as the result of alleged neglect, error or omission. Comprehensive cover is available for professional activities relating solely to arranging, bringing about or giving advice regarding mortgage or loan products including, 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.

Mortgage Brokers Claims Examples

Here are some examples of how you might make a claim and what your insurance may cover:

  • A client made some business changes based on advice you gave them. The changes didn’t bring the benefits they expected and cost them money. So they make a claim against you for compensation. Professional indemnity insurance would cover the claim for compensation plus the costs of defending or settling the claim.
  • You included a case study about a former client in a presentation at a conference. Afterwards that former client makes a claim against you for defamation, alleging that you made a false statement about them, and demands you pay compensation. Professional indemnity insurance would cover the compensation payable plus your legal defence costs.

The amount paid out by the insurer will be dependent on the level of cover you select.

You May Need Professional Indemnity Insurance If You:

  • provide expertise, skills or advice to clients
  • have access to clients’ confidential information
  • produce materials that could infringe intellectual property rights
  • provide a professional service and could be challenged on your work.

From allegations of a breach of copyright to accusations of defamation, these kinds of claims can be costly and disruptive regardless of whether they’re fair or not.

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