Do You Need Professional Indemnity Insurance?

If you provide knowledge, skills, or advice as part of your profession—whether as a self-employed individual or on behalf of a company—professional indemnity insurance is highly recommended.

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Certain professions are required to have professional indemnity insurance by their professional bodies or regulators, including:

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• Solicitors: For more information, visit the Solicitors’ Professional Indemnity Insurance page.

• Accountants: For more information, see the Architects Registration Board website.

• Chartered Surveyors: For more information, see the Royal Institution of Chartered Surveyors website.

• Financial Advisers: For more information, see the Financial Reporting Council website.

• Healthcare Professionals: For more information, see the Health and Safety Executive (HSE) website.

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In addition, many other businesses choose to take out professional indemnity insurance to safeguard against potential claims. These include:

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• Advertising agencies

• Consultancies

• Design agencies

• Public Relations agencies

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What Does Professional Indemnity Insurance Cover?

Professional indemnity insurance protects you against claims for loss or damage made by clients or third parties resulting from negligent services or advice you provided. Compensation claims can be brought against you even if the service or advice was offered for free.

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Key areas of coverage include:

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• Legal fees and costs associated with defending a claim.

• Compensation for financial loss or damage suffered by a client due to your negligence.

 

Run-Off Cover

If you decide to cancel your professional indemnity insurance—for example, when retiring or changing professions—it’s important to consider purchasing a run-off policy. This type of policy provides coverage for any new claims brought against you after your professional indemnity insurance has expired.

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Claims can be made up to six years after an alleged negligent act occurred, so your run-off policy should cover this period to ensure continued protection.

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Why Choose Billion Insurance Brokers?

At Billion Insurance Brokers, we specialize in sourcing tailored professional indemnity insurance policies to suit your specific needs. Whether you’re an architect, consultant, or part of another profession, we’ll work with you to ensure you’re fully protected.

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Get in Touch

Contact us today on 0333 335 5764 to discuss your professional indemnity insurance needs and let us help you find the right policy to safeguard your career and business.

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