Research shows that claims against PI policies are more common during an economic downturn, so the need for cover for professionals becomes even greater.
PI cover (sometimes also called errors and omissions insurance) protects professionals against negligence claims made by a client or third-party – and typically we see architects, home inspectors, solicitors, estate agents and accountants amongst our customers. Professional indemnity came into cover the gap that public indemnity policies didn’t cover – as these typically only covered bodily injury or property damage etc.
In a down economy it is crucial to have insurance in place to cover all eventualities and we talk about some considerations that will determine what you need:
Is your current policy broad enough to capture all of the current and future work of the policy holder? Does it cover all of your organisations professional tasks and services? If you’re unsure, we can talk you through what will and what won’t be covered by your current policy.
What happens if there is a sale or merger or a change in position at your organisation? So much can change – and quickly – during a down economy. Think about what changes could happen to your organisation and what this could mean for your cover.
Is there a list of exclusions? This could differ from policy to policy so it’s important you read your small print. Again, we can talk you through everything you need to know about your policy and more importantly, help you understand it.
Is there an extended reporting period within your policy to include claims which would otherwise fall outside of the policy period. If your policy doesn’t have one – should you consider one?
If you feel you need a more bespoke policy, our experts can talk you through including additional cover for things such as disciplinary proceedings or reduced retentions – which could be so important to your business.
Has there ever been any past tasks or activities at your business which could result in a future claim? Have you had previous claims made against you? Discussing these issues with us really will help us to ensure your cover is at the level you need.
To discuss your Professional Indemnity Insurance policy with us – and for complete peace of mind, get in touch today: 024 7632 6213.
