Professional Indemnity Insurance

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Professional Indemnity Insurance (PII) will protect you against the cost of defending claims where it is alleged that a client has suffered financial loss as a result of your error, omission or negligence. We highly recommend this cover, and premiums start from as little as £132 (including IPT).

As with solicitors and accountants, contractors provide professional advice upon which their clients rely. As a consequence you no doubt act with a reasonable degree of care and skill in order to ensure that the interests of your client are protected.

However, even where care and skill is exercised, there is still the potential for you to make a mistake that causes financial loss to a client, or for a client to allege that you have made a mistake even if you have not. While such disputes are rare, when they do occur they can be costly. Professional Indemnity Insurance will provide you with peace of mind against this risk.

The Policy will protect you against the cost of defending claims where it is alleged that a client has suffered financial loss as a result of your error, omission or negligence.

In addition, having this insurance will add to the perception that you are independent and so will support this argument in the event of an IR35 dispute. It will also add value to any tender by giving your client the reassurance that there are sufficient resources to handle any recourse in the unlikely event of an alleged breach of duty.

Summary of Cover

This is a guide to the cover given by the policy. It does not cover every provision of the policy wording, but we will be happy to discuss it with you in more detail. You should read the policy and the additional clauses for full details of the terms and conditions.

Key Features of the Cover

Claims made against the insured arising from:

  • Any breach of professional duty
  • Breach of a contract to design or supply deliverables
  • Unintentional breach of confidentiality

The insurance will also cover:

  • Defence costs and expenses (lawyers, court costs, experts etc)

Exclusions

There are a number of exclusions and we can discuss these with you in detail.