Professional Indemnity

Insurance from Rowlands & Hames.

Professional Indemnity (Errors & Omissions) Insurance

Many professional businesses run the risk of suffering a financial and professional disaster without the invaluable protection that Professional Indemnity (PI) insurance provides.

Traditionally, only the likes of Accountants, Surveyors, Engineers, Solicitors and Architects, the mainstream professions, were regarded as ‘professionals’ and obtained professional indemnity insurance.

Modern reliance upon services provided by others and the increased use by businesses of outside consultants and contractors has increased the scope of this term and a ‘professional’ is now often regarded as any person who offers ‘specialist advice or service’.

Today as well as the usual professions holding professional indemnity insurance many others either feel exposed or are required to hold professional indemnity insurance by their clients from Builders and others in the construction industry (with design and construct PI) to manufacturers, property managers, estate agents, marketing consultants, designers, IT consultants, management consultants and even feng shui experts! The list grows every day. See the list below for a list of common professions.

Professional Indemnity Covers

Most Professional Indemnity Insurance policies can provide you with the following covers:

  • Breach of professional duty
  • Defence costs
  • Libel and slander
  • Loss of documents
  • Dishonesty of employees
  • Fidelity
  • Unintentional breach of confidence
  • Infringement of copyright and intellectual property rights
  • Previous firms or previous partners

You may need professional indemnity insurance if you…

  • provide advice to your clients
  • handle data belonging to a client or business
  • are responsible for a client’s intellectual property
  • provide a professional service and could be challenged on your work. You may feel confident in the quality of your work, but any small business is vulnerable to a claim of negligence when professional advice or services fail to meet a client’s expectations and cause financial loss.

If you are a professional who gives advice and/or a professional service you should consider Professional Indemnity insurance. In the absence of adequate professional indemnity insurance a large successful claim could cause you personal bankruptcy or the insolvency of your company.

Even limited liability companies have balance sheets to protect and nobody wants to lose a business that they have worked hard to build. Professional Indemnity is a must.

Professional Indemnity is a ‘claims made’ basis policy

One important aspect to bear in mind when considering professional indemnity insurance is that, because there can often be a long delay between an event and a subsequent claim, you need to be covered both at the time of the event and when the professional indemnity claim is made. It is the professional indemnity policy effective at the time of the claim which responds (known as a ‘claims made’ policy) but a Professional Indemnity policy must have been in place when the breach of professional duty was alleged to have taken place, although retrospective professional indemnity cover can easily be arranged.

It also means that if you plan to cancel your professional indemnity policy when you close your business or retire you may need to arrange “run off” cover for a period of time afterwards.

Precautions

One way to minimise professional indemnity claims is to make sure projects are well documented. Ensure that you set out specific responsibilities in your contracts with clients beforehand and deal with complaints promptly. Client “sign off” at critical stages in a contract can be very useful and is evidence of good housekeeping within a business.

Professional Indemnity Quotations

We can offer you advice and guidance on this specialist area of insurance and arrange the most suitable professional indemnity cover for you and your business. We have access to a wide range of Professional Indemnity insurers and quotations are available relatively quickly.

For quotations please contact

Gary B Baxter Dip CII

Corporate Account Manager
Direct Dial: 01253 598957
Mobile: 07904 546274
Email: gary@rowlands-hames.co.uk
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John A Isles ACII

Managing Director / Head of General Insurance
Chartered Insurance Broker
Direct Dial: 01253 598953
Mobile: 07974 667825
Email: john@rowlands-hames.co.uk
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List of current professions seeking Professional Indemnity (not exhaustive ! )

A
Access and Disability Consultants Accountancy Practices Acoustic Consultants
Administrators Advertising Consultants Agricultural Consultants
Aircraft Emmision Consultants Arbitrators Architects
Architectural Engineers Asbestos Surveyors/Consultants Auctioneers
Auditors Audio-Visual Consultants Authors
B
Baby-sitting agencies Balliffs/td>

Bookbindings Consultants
Bookkeepers Building Contractors Buildings Services Engineers & Consultants
Business Consultants
C
Careers Advisory Services Certified Accountants Chambers of Commerce
Charities Chartered Accountants Chartered Secretaries
Chartered Surveyors Chemical Engineers/Consultants Child Care Advisory Services
Civil Engineers Cladding Consultants / Contractors Community Action Groups
Company Formation Agents Company Registrars Company Search Agents
Conference Organisers Construction Contrcat Law Advisors Consulting Chemist
Counselling Services Court Reporters Credit Reporter
D
Design & Construct firms Draightsmen
E
Ecologists Education Advisory Services Education Advisory Services
Electrical Contractors/Engineers Electrical Equipment Manuafcturers / Consultants Employment Consultants
Energy Assessor / Consultants Energy Efficiency Consultants Engineers
Enquiry Agents Environmental Consultants Estate Agents
Event Organisers Executors Expert Witnesses
Export Consultants
F
Financial Advisers / Planners Fire Protection Consultants Fire Protection Consultants
Forensic Accountants Forestry Consultants Freight Forwarder
Fuel Efficiency Consultants Funeral Directors
G
Geotechnical Consultants Glazing Consultants / Contractors Graphic Designers
H
Health & Safety Consultants Healthcare professionals Horticulatural Consultants
Health & Safety Consultants Healthcare professionals Horticulatural Consultants
Human resource Consultants
I
Insolvency Practitioners Insurance Brokers Insurance Surveyors
Interior Designers Interim Managers / Directors Investigators
L
Land Agents Land Surveyors Landscape Architects / Gardners
Law Centres Law Costs Draughtsmen Law Search Agents
Legal Departments Letting Agents Lifting Equipment Testers
Lighting Consultants Literary Agents Local Enterprise Partnerships
Loss Adjustors Loss Assessors
M
Machinery Consultants/Designees/Installers Magistrates and Clerk of Justice Management Consultants
Map Drawers Marine Engineers Marine Surveyors
Market Research Consultants Marketing Consultants Marriage Guidance Services
Media Buyers Medical professionals Messengers
Motor Engineers Museum Consultants
N
Newspaper Publishers Non-destructive Testers Nuclear Engineers
P
Patent Agents Payroll Services Personnel Managers
Photographers Photography Libraries Product Designers
Procurement Consultants/Managers Professional Associations Property Managers
Project Managers Public Relations Consultants Publishers
Q
Quality Assurance Consultants Quantity Surveyors
R
Radio Stations Railway Engineers Recruitment Consultants
Relocation Agent / Consultants Research Associations Residential Management Companies / Consultants
Roofing Contractors / Consultants
S
Search Agents and Companies Secretarial Services Security Consultants
Sheriffs / Sheriff Officers Shipbroker Shipping and Forwarding Agents
Small Business Advisory Services Software Designers/Programmers/Consultants Soil Engineers
Solicitors and Legal Professions Statisticians Stockbrokers
Strategic Management Consultants Structural Engineers Surface Coatings Consultants
Surveyors System Auditors / Analysts
T
Tachograph Analyst Telecom Consultants Thermal Imaging Consultants
Timber Treatment Consultants Trade Associations Traffic Consultants
Tour Operators Town Planners Trainers/Training Consultants
Translators Trustees Training Consultants / Training Boards / Advisory Services
Travel Agents
V
VAT Consultants
W
Website Designers Wildlife Consultants Will Writers