Here are some of the main reasons you will need PI insurance:
- It’s a legal requirement of your profession (ie: Solicitors Act 1974).
- It’s a regulatory requirement, and many professional bodies require their members to have PI insurance before they can practise
- It is contractually required by your customer.
- It provides extra protection again potential legal costs and expenses.
PI insurance will offer your organisation protection from service errors, contact performance disputes or other professional liability issues. These policies can include legal defence costs, damages and compensation due to professional negligence, which can be substantial.
Your PI policy will have both a claim limit and an annual limit, based on the insured exposure. The claim limit is the maximum amount that will be paid for any single event, and the annual limit is the maximum paid within one year. Common extensions include continuation of cover, liability for loss of documents and court attendance and staffing disputes. Exclusions on the other hand will include liability for non-financial losses and intentional, dishonest or fraudulent acts by the professional.
There are so many different forms of professional liability insurance and lots of factors to consider when you purchase it for your professional needs, which is why we never offer a standard policy. We’re an experienced broker who will be able to build your policy to suit your exact business needs. Call us today to discuss yours.
