Professional Indemnity Insurance (also known as professional liability insurance or PI insurance) covers your business for any claims made against you if a client loses money as a result of negligence through inadequate advice, services or designs.

Up to the limits of indemnity agreed and set out in your policy, it will cover not only the legal costs and expenses incurred to defend you but also the damages and costs awarded for the financial loss that the client has suffered or if the advice provided fails to meet the client’s expectations.

Essex & Suffolk Insurance Brokers approached specialist high-quality PI underwriters to advise on appropriate cover necessary to protect your business for any claims for financial and reputational damage.

This is essential for anyone providing professional advice (such as accountants and chartered surveyors), as well as those who handle client data and intellectual property who could be accused of breach of copyright/professional code of conduct, loss of documents or defamation. It will protect you against a claim that could cost you thousands of pounds in legal fees and compensation payments regardless of whether the claim is justified or not.

Often, it is a requirement of an industry regulatory body for a business to have professional indemnity insurance, in particular those who work in the financial or legal industry, architects, chartered surveyors and healthcare professionals.

These bodies may have minimum levels of indemnity your require.

At Essex & Suffolk Insurance Brokers, we can broker a range of professional indemnity policies and will consider the size of your business and the work that you do to ensure you receive the correct level of cover to meet your specific requirements.

Our policies will provide cover for your legal defence, compensation, run off insurance (for claims made against you once your business has ceased trading or you retire), professional negligence, loss of money or goods, the loss of data and documents, the infringement of intellectual property rights (breach of copyright), breach of confidentiality and defamation (both libel and slander).

For advice, please contact Nick Thurston, Essex & Suffolk Brokers, on 01206 845945 or complete the form below.