Professional Indemnity Insurance: FAQs
What is professional indemnity insurance?
Professional indemnity insurance – also known as PI insurance – covers against claims in relation to mistakes or negligence in your work. It is also used to cover any expenses incurred in your defence.
Do I need professional indemnity insurance?
Anybody who provides a professional service should consider taking out PI insurance. No matter how careful you are, mistakes can happen during work. If you fall victim to any mistake, there is a possibility that this could cause a significant financial loss. Having contractor professional indemnity insurance in place can safeguard against major financial loss.
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Why do I need annual cover if I have a short-term contract?
It is recommended that you take out PI insurance even if your contract only lasts for a short period of time. Even if your insurance only ran for the duration of your contract, if a claim was made against you any time after, you would not be covered.
This is why you should consider taking out an annual policy as this can provide reassurance that you will be protected indefinitely.
How long does it take to buy professional indemnity insurance?
You can get a tailored quote online or over the phone and cover can begin immediately. Policy documentation will be emailed to you for reference.
How can I pay for insurance?
You can pay for your policy annually or by interest-free monthly Direct Debit instalments.
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