Every professional or agency — from photographers to accountants — providing professional advice, design or services should have professional indemnity insurance at a minimum. Professional Indemnity Insurance is also known as PI, professional liability or indemnity insurance protects you against claims of professional negligence. If work or advice you have provided to a client is seen as professionally negligent, your client could take legal action, having a significant impact on your earnings and reputation. Mistakes could include incorrect advice resulting in financial or reputation loss, or accidental deletion of data or images. It can also include misinterpretation of a brief, or when your work fails to meet a client’s expectations and causes financial loss. If your work, design or advice causes a significant financial loss, your business will be required to compensate your client, which could result in the liquidation of your business. In circumstances where you are liable due to professional negligence, professional indemnity insurance compensates your client for your mistake, potentially protecting your valuable business relationship. Professional indemnity insurance also provides cover for defence costs in situations where the claim made by a client is unjustified. Contractually you may also be required by your client to have insurance.
Very few insurance brokers understand the industry as well as we do. For over a decade we have specialised in insuring and advising finance, technology and media companies about their risk. As specialists in IT and tech insurance, we understand the risks of consultants and businesses, and what you need to support and protect your business in case of a professional liability claim. Working closely with insurers, and insuring all businesses types from self-employed to high-value FTSE companies and Family Offices, we offer insurance packages with comprehensive protection not available anywhere else.