Professional Indemnity insurance is often referred to as Professional Liability insurance, or PI insurance. If your business is alleged to have provided inadequate or negligent advice, services or designs, that causes a third party to suffer injury, illness, disease, damage or other loss, you may be sued for compensation. Professional Indemnity insurance can cover your business for legal costs and expenses incurred, as well as compensation or damages the third party is awarded, such as financial loss.

Your business may need to have Professional Indemnity insurance as part of your respective industry body’s regulatory requirements. However, even if your business is not obliged to have cover, without it, you could be liable for significant third party claims. Your business is likely to need professional indemnity if you are:

• Designers, such as architects, engineers, graphic & interior designers
• Technical and engineering contractors, such as CAD designers & project engineers
• Contractors such as builders, roofers, HVAC, plumbing, electrical etc.
• Management and business consultants, such as marketing consultants, training consultants & education
• IT professionals, including IT contractors, consultants, programmers and developers
• Teachers and trainers, such as health & safety training, confined space training, equipment training etc.

Whilst Professional Indemnity insurance can cover bodily injury to third parties, it is not to be confused with Public or Products Liability insurance. Should you wish to know more, or would like for Integrum to review your insurance needs, please get in touch or complete our contact form for a member of our team to contact you.