A Guide to Professional Indemnity Insurance

3 minutes, 4 seconds Read

Professional indemnity insurance, otherwise known as PI insurance, covers you against a claim of negligence made against you by your clients or employers in your capacity as an individual professional. While you may be familiar with public and employers’ liability insurance, PI insurance is something that businesses of all sizes should consider having to protect themselves from the potential costs and disruption caused by negligence-related claims. To help you understand why having PI insurance makes sense, we have put together this guide to the best professional indemnity insurance liverpool so that you can decide whether it’s worth getting yourself insured.

What is Professional Indemnity Insurance?


Professional indemnity insurance, commonly known as PI insurance, is a policy that protects you against legal action should you accidentally cause harm to a client, customer or other third party whilst carrying out your work. If you’re a sole trader, run your own business or work in construction, it’s worth considering what professional indemnity cover will do for you and whether or not it’s right for your particular situation.

Why do I need it?


Professional indemnity insurance may not be as familiar a name or concept as other forms of business insurance, but it can be just as important. If you’re working on projects that involve responsibility for property damage or injury, then professional indemnity insurance could save your business from costly legal action and make sure your revenue is protected at all times.

Where can I get it?


It can be difficult to get professional indemnity insurance in Liverpool without a business presence here. The good news is that you can take out PI insurance if you are trading from home, but if your operation involves visiting businesses or meeting clients at home visits, many insurers will require you to have a local address. It is best to discuss your specific needs with an insurer prior to applying for cover.

What to do before taking out a PI policy


It is important that you conduct a thorough risk analysis of your business before deciding whether or not it is worth taking out a PI policy. If your business deals with high-risk clients or is heavily reliant on technology, for example, you could consider taking out insurance. However, if your business does not deal with any risks whatsoever and has little in terms of valuable assets, then it may be safer to let your general commercial liability insurance cover you instead.

Does my business need Professional Indemnity Insurance?


In a word, yes. While it’s not strictly necessary for sole traders and small business owners, PI insurance is essential if you need to hire sub-contractors and other professionals. It will protect you against claims of negligence and ensure your business continues trading in case of an expensive legal battle that could otherwise cripple your finances.

What happens if I don’t have it?

Without professional indemnity insurance, you risk having your personal assets used against a claim made against you. If your business has intellectual property, such as patents or trademarks, and those assets are used without permission from another party, that other party may claim damages against you—and those damages may include anything from lost time for loss of business to legal fees incurred during court proceedings. It’s important that professionals have adequate protection in place when it comes to their professional indemnity insurance liverpool policy.

Who can help me choose the right policy?

An independent broker will help you choose a policy that’s right for your business. Working in partnership with you, they can offer impartial advice on what it covers and whether it’s suitable for your type of business.


David Cohen

Rachel Cohen: Rachel is a sustainability consultant who blogs about corporate social responsibility and sustainable business practices.

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