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What Exactly Is Professional Indemnity Insurance Cover?

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By Author: William Pollard
Total Articles: 160
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Professional indemnity insurance cover is necessary for professionals who give advice or provide a service to the public. Most of the time the advice given to members of the public is sound and things go well. However, on occasion professionals make mistakes and the advice that they give leads to the person they give advice to experiencing significant losses.

For example, an architect could make a mistake on the plans that they draw up that means the resulting building is not fit for purpose. In this situation, the client they drew the plans up for would experience a significant loss. Naturally, that client will want to make a claim from the architect for their losses. By doing so, they could very easily put the architect out of business and the architect could end up with huge debts.

Professional Indemnity or PI insurance protects the client and architect in the event that bad advice is given. The client gets their money back and the architect is protected against being ruined as the result of having made a single, basic mistake.

Who Needs Professional Indemnity Insurance Cover?

Every professional ...
... that gives out advice or provides a service to the public needs professional indemnity insurance cover. However, the law, in the UK does not require every professional in the UK to have this kind of cover.

In the UK, only architects, insurance brokers, financial advisers, solicitors and accountants are required by law to have PI insurance. Despite this if you are a professional who gives advice it is unwise to operate without this kind of insurance. Just one claim could bankrupt you.

Buying Professional Indemnity Insurance Cover

When buying professional indemnity insurance cover it is important to do your research. If you have never bought this type of insurance before familiarise yourself with the different kinds that are available. Doing so will ensure that you do not end up buying the wrong type of cover. Resist the temptation to simply buy your insurance from the cheapest provider. Double check that the cover you are buying is adequate and covers all eventualities.


If you need professional indemnity insurance cover visit the Hensure website. We sell a full range of PI insurance.

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