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Product Focus - Professioanal Indemnity

Published: 01/11/13

Professional Indemnity (PI) is an incredibly important commercial insurance product. Whilst not a legal requirement for all, it offers essential protection against malpractice claims.

So who should have Professional Indemnity Cover?

  • Insurance brokers – legal requirement
  • Solicitors – legal requirement
  • Accountants – legal requirement
  • Construction workers
  • Architects
  • Journalists
  • Financial Advisors – legal requirement
  • Alternative therapists
  • IT Consultants
  • Engineers

Or

Anyone who provides a professional service and could have claims brought against them by a client.

It is of equal importance to sole traders, freelancers, contractors as it is to partnerships and companies.

What does it cover?

  • Negligence (also called errors and omissions) where you have failed to meet your client’s expectations
  • Infringement of intellectual property rights, such as copyright or trademark
  • A defamation (also known as libel or slander) claim brought against you
  • Loss, theft or damage of client documents or data in your care
  • Unintentional misuse or breach of confidential information (Data Protection Act) or breach of confidence

 

Professional indemnity insurance protects against damages should you become liable for mistakes such as errors of judgement, basic administration errors, mislay or damage clients' documents etc. resulting loss of business and damage to reputation.

There are exclusions, such as claims above an agreed amount, cover after the policy has not been renewed, specific vetoed activities, overseas work, retroactive cover.
Policy wordings are trade specific and tailored to meet the needs of the particular specialism.

Choose a good broker

Flint has many years experience of providing professional indemnity cover for clients of all size and discipline. Within that time we’ve dealt with many different insurers; given clients our advice and most importantly handled their claims if anything went wrong. It is our business to always have access to the best insurance providers and know that now, arguably more than ever, it is essential for anyone who provides professional services to clients. As is all too often the case, even the seemingly smallest of issues can quickly become large claims.

Two of our own recent examples illustrate this point perfectly:

1. Flint handles insurance for a wholesale electrical supplier whose staff member provides over-the-counter advice to tradesman when fitting lighting systems into various types of premises.

On reviewing their insurance arrangements, we suggested a PI policy to cover this very small part of their business (less that 5% of turnover). And then a claim did arrive from one customer who alleged that he’d been given the wrong advice whilst installing a sizeable lighting system.

In the end the claim turned out to be nothing, but it still had to be defended. This meant numerous solicitors letters together with professional help and advice; all of which take time and money. As their insurance broker we were there to offer our support and guide them through the claim.

2. Flint manages the insurance for a flooring company who were sub-contracted by the principal builder on a very large commercial office development in London.

They had been asked to prove that they had PI insurance as part of the tender process so Flint naturally supplied an appropriate insurance solution. (The MD of the flooring company was absolutely adamant that it was not required, but had no choice if they wanted to do the job.)

In due course flooring was installed to the second floor of the property. The floor turned out to be too heavy and caused the ceiling to collapse. Following much legal wrangling the claim was eventually settled for several thousands (and much more than the cost of the insurance).

 

You can contact us for a quote or even just some advice on professional indemnity, we will be more than happy to help call us on 0845 371 1452.

 

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