Professional Indemnity Insurance
Professional indemnity insurance is intended for those in professions who give advice or offers a professional service. Examples include accountants, financial advisors, architects and engineers. Professional indemnity insurance (also known as PI insurance) insures against compensation claims made against you or your business in the event of professional error, omissions or neglect. Claims can run into millions of pounds if a person was to suffer death, injury or lose lots of money as a result of you giving inadequate or erroneous advice. As well as covering you against the amount of these claims, professional indemnity insurance can also cover you for the legal costs of defending any claims against you.
PI insurance can also be retroactive. This means that if you have been working without professional indemnity insurance and currently have no claims against you that you know about, you can apply for your insurance policy to be backdated. For example, if you designed a building 3 months ago and there are currently no outstanding claims against you, a retroactive policy could be put in place to include this work, which would insure you against any claims in the future caused by this building.
Please Note: Sterling Safety Training is purely an affiliate of Constructaquote.com, which means we are not responsible for the accuracy of any information on their website, or any transactions that take place between you and them. All text on our website is intended as a guide only rather than professional insurance advice. For this, please contact Constructaquote.com directly.