Professional indemnity claims occur in instances of professional negligence and/or breach of contract. If a client of yours suffers financial loss as a result of alleged neglect, error or omission on your part, they will not hesitate to pursue a claim. PI claims cause significant damage to your professional reputation and often result in hefty fines. Although all professions need professional indemnity cover, architects, accountants and business consultants are at a higher risk for PI claims.
Accidental errors or omissions can occur in any profession. Here, our professional indemnity experts share insights and actionable advice to help you understand the risk of professional indemnity and how you can protect your career against indemnity, liability and negligence claims.
Top 5 Occupations at Risk from Professional Indemnity Claims
Professional indemnity claims occur in instances of professional negligence and/or breach of contract. If a client of yours suffers financial loss as a result of alleged neglect, error or omission on your part, they will not hesitate to pursue a claim. PI claims cause significant damage to your professional reputation and often result in hefty […]
Tips of the trade when it comes to design and construct insurance
Those who work in the building and engineering sector, are not only becoming busier as the industry starts to heat up once again, they are also becoming increasingly exposed to design liability. To mitigate the exposure that in-house or subcontracted design services bring with them, it is advisable to take out design and construct insurance. […]
Understanding Legal Liability for Architects
As industries like architecture, construction and engineering pick up pace again, those directly involved in these sectors are also becoming increasingly exposed to liability. To mitigate your exposure, it is advisable to take out professional indemnity insurance like architects insurance. Here, we look at what exactly professional indemnity insurance is and why it is so […]
Accountants: 3 Considerations for Professional Indemnity Insurance
There’s a certain amount of risk in everything but when it comes to offering professional advice or services to a client, the risk can be much greater than normal and the consequences more severe than you might ever have imagined. Unfortunately, with the nature of their business, the level and complexity of data they deal […]
The Essential Guide to Architect Insurance
Compared to many other professions, architecture carries a relatively high risk of professional claims. This is due to the variety of responsibilities and large sums of money involved in design and build projects. Additionally, the increased specialisation of individual roles, combined with the widespread proliferation of technology and Cloud-based services, has meant that architects’ insurance […]
Professional Indemnity Insurance – A guide for IT Consultants
If you’re an IT Consultant and don’t currently have professional indemnity insurance, you could be leaving yourself open to some rather hefty expenses. That’s why we have put together this handy guide, to help you navigate the potential pitfalls and ensure you have the correct IT contractor insurance in place to protect you. Professional indemnity […]
Do You Need Retroactive Professional Indemnity Cover?
As most people are aware, an insurance policy is a legally binding contract between a policyholder (you) and the insurer. In the contract, terms and conditions are set out, whereby you pay a premium to the insurer, in exchange for which they compensate you for loss after some manner of unforeseen event. KNOW YOUR POLICY […]
Why Directors And Officers Insurance Is Needed At Non-Profit Organisations
Despite non-profit organisations not having any shareholders, they are just as vulnerable to lawsuits as private companies, so there is still a need for Directors and Officers insurance. In fact, since a recent court ruling, it has become more important than ever. In the case of Lemington Home for the Aged v. Baldwin, the court […]
When is a matter reportable to your professional indemnity insurer?
In order to maintain consistent professional indemnity insurance cover, there needs to be open communication with your insurance provider. Your provider needs to be notified immediately when you become aware of a potential claim, as leaving it too late to declare a professional issue can be considered grounds to invalidate your policy. Your policy’s ‘claims […]
How Much Professional Indemnity Cover Do I need?
Professional indemnity insurance is essential for protecting your career or business, but how much cover do you need? Since each profession and role is unique, there’s no direct answer to the question. Instead, you should assess your own professional requirements in order to decide upon your insurance limit. In order to facilitate this, we’ve listed […]