Professional Indemnity
Protect your business and defend your reputation with tailored solutions delivered by our specialist team.
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Professional Indemnity Insurance (PI Insurance) protects businesses and individuals who provide professional services including:
- Design
- Advice
- Specification
- Inspection
- Simulation & Modelling
- Testing & Validation
- Consultancy
- Analysis & Optimisation
Against common belief, a fee does not have to be charged for liaibility to exist.
The policy covers legal defence costs and compenations claims, damages arising from allegations made by a third party – usually a customer.
Even the most experienced professional can make mistakes and there is also an increasing trend of spurious allegations being made, simply to delay or prevent payment of outstanding invoices. Defending claims can be very costly and Professional Indemnity Insurance ensures your business is financially protected if something goes wrong.
The policy covers legal and defence costs e.g. solicitors costs and expert witness fees, and importantly the settlement of damages either agreed between parties involved (out of court) or awarded by the courts, should the prodessional be deemed at fault.
Professional indemnity insurance policy features*
- Public liability, to cover you should you be sued by a member of the public if they are injured as a result of your negligence
- Products liability, should any of your products cause harm to a member of the public
- Professional indemnity, should the advice or guidance that you give to your clients be incorrect and leads to loss or injury to them
- Libel and slander, to cover you should someone feel that you have written or said something about them that is inappropriate.
Typical exclusions include:
- Asbestos
- Bodily injury to an employed person (this would fall under employer liability insurance, which we also offer)
- Damage to property owned or in your custody and control
- Legal liability for which compulsory motor insurance is required
- Liquidated damages, fines and penalties
- Pollution and contamination unless pollution or contamination is sudden or unforeseen.
FAQs
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What is professional indemnity insurance?
Professional Indemnity Insurance (PI insurance) protects you if a client suffers a financial loss due to a mistake, negligence, or incorrect advice in your professional work. It can also cover legal costs if you need to defend yourself against such claims.
Who needs professional indemnity insurance?
If you are offering a service, whether as an expert in your field, business adviser, management consultant or any other professional occupation, there will be times when you need some extra support with issues that fall outside of your control.
Professional indemnity insurance is available across a wide range of sectors, from high-risk construction and demolition to office-based professional services.
As a rule of thumb, if you provide professional services for a fee, you will likely benefit from professional indemnity insurance.
How much does professional indemnity insurance cost?
As a broker, we’ll make sure that your professional indemnity insurance is tailored to your unique requirements. The cost of PI insurance will vary depending on several factors including the level of risk associated with your profession, your chosen level of coverage, and your previous claims history. Our specialist team can advise you on the appropriate level of cover based on your exact needs.
*This information is a general guide only. Adler Fairways will assess your requirements and recommend a bespoke range of insurance solutions to meet your needs. As part of the quotation process, we will provide full details of the specific coverage, benefits, limits, premiums, exclusions, excesses payable, and any other policy conditions that would apply to the insurance we recommend for you. We currently only offer cover to businesses registered in England, Scotland, Wales, Northern Ireland, the Channel Islands and the Isle of Man.