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Professional Indemnity Insurance And Cover
Professional Indemnity Insurance
Do you run a business that regularly gives advice to clients/customers? For professionals like accountants, estate agents or even solicitors, making an error that results in your clients losing money could result in you being sued. Mistakes are natural and human; professional indemnity insurance is designed to cover compensation costs if your services and advice lead to losses or damages to your client. Don’t let the fear of making mistakes stand in the way of your business goals; getting in touch with East Yorkshire Insurance Brokers (EYIB) will ensure you’re protected.
Trusted by 250+
Local Businesses
Access To Over 300
Insurance Markets
Our Clients Rate
EYIB 4.9/5 Stars
Trusted By 250+ Local Businesses
Access To Over 300 Insurance Markets
Our Clients Rate EYIB 4.9/5 Stars
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What Is Professional Indemnity Insurance?
What Is It?
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Why Choose EYIB For Professional Indemnity Insurance
Why Choose Us
Our Network of Insurers
We have access to 300+ insurers that range across many areas of insurance that we advise on, so if you need PI insurance we’ve got the connections to make sure you’re protected.
Our Great Reputation
More than 250 local businesses put their trust in us to sort their insurance including PI cover.
Our Proven Experience
John (our founder and MD) has 15+ years of experience in the industry so choosing us means that he can offer the correct cover that your business needs every time.
Years Experience
Local Businesses Insured
Insurers
Our Insurance Partners
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What’s Included In Professional Indemnity Cover:
What’s Included?
Professional negligence or errors
Although everyone makes mistakes and some you make won’t lead to anything, if your client loses money because of your error you could be liable. You may be an engineer that’s made a slight error in your calculations that’s led to the safety of a building to be compromised, PI covers the cost of being accused of professional negligence.
Breach of professional duty or trust
Solicitors that failed to meet a deadline or are accused of failing to act in their client’s best interests could be sued for breach of professional duty. Having professional indemnity cover in place may cover the cost for legal defence as well as compensation.
Breach of professional duty or trust
Misrepresentation or misleading advice
If you’re an estate agent and provided advice on the sale of a property and your client believes the advice you gave them was misleading, then having PI cover can financially protect you from these claims.
Libel or slander
If you work in marketing or PR and you unintentionally make libellous (written) or slanderous (spoken) statements that damage your client’s or competitors’ reputation, you could have a defamation claim made against you. PI insurance will cover the legal expenses and any damages that may be awarded.
Libel or slander
Civil liability
Civil liability is a broader cover and includes coverage for cases where you are found liable for a loss but not negligent. If you’re accused of breach of contract, civil liability will provide defence costs.
Intellectual property infringement
If you’re a website designer and you’re accused of using copyrighted images without permission, you could have an intellectual property infringement claim made against your business. If you have PI cover this will help with legal fees as well as settlement costs.
Intellectual property infringement
How Much Does It Cost?
The cost of your professional indemnity insurance cover will vary from person to person. Every business is different, and depending on what industry you’re in it will affect the extent of cover you need. PI insurance may be more expensive for a large law firm compared to a small marketing agency for example. With any policy you will have a limit of indemnity with a maximum amount the insurer will pay out for loss resulting from each claim. Your policy will either be any one claim (the number of claims is unlimited within the policy period) or aggregate – the cover is limited to the amount in the policy. If you want to know how much your PI cover will be, get in touch with EYIB today for a free insurance quote.
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How Much Is PI Insurance?
How Much Does It Cost?
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Do I Need Professional Indemnity Cover?
Do I Need It?
Now that we’ve answered: what is professional indemnity insurance? The next question you’ll be wanting the answer to is do you actually need it? Any business that regularly gives advice to clients from accountants to graphic designers will benefit from having some form of professional indemnity cover. The last thing you will want is to make a mistake and be liable for losing your clients money. This could be hard to recover from as legal fees are expensive and your reputation could be damaged. Don’t let an error cost you your business; get the appropriate PI insurance with EYIB and help your business stay afloat.
Example Of PI Cover In Action
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Potential Claims PI Insurance Can Help With
PI Claim Example
An Employee at your digital marketing agency uses images that you believe were royalty free on one of your client’s websites. However the images turn out to be copyrighted and the owner puts in a claim for intellectual property infringement. Your PI insurance can cover the legal fees and the settlement cost from this claim.
If you’re an architect then professional indemnity will cover the legal costs if you make a structural error in your design. If this results in delays in work and your client losing money they may accuse you of professional negligence, but PI insurance can protect your finances in this situation.
What Our Clients Think
John was amazing—friendly, patient, and full of great advice. He really took the time to understand our charity and made sure we got exactly the right insurance. Highly recommend East Yorkshire Insurance Brokers
Billy Dasein
East Marsh United
Sarah provided excellent service, taking the time to review our sums insured and ensure everything was accurate. She pointed out gaps in our cover we weren’t aware of and explained everything clearly. We feel much more confident now. Highly recommend East Yorkshire Insurance Brokers!
Connor Hewson
Assured Marketing
East Yorkshire Insurance Brokers have looked after our insurance for several years, and we’re always impressed by the great service they provide. They’re professional, reliable, and always find us a competitive deal. Couldn’t ask for better!
Jason Kay
H2MO Limited
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Meet Your Professional Indemnity Insurance Broker
Your Dedicated Insurance Broker
If you’re looking for professional indemnity insurance then you’ve come to the right place. John (our founder and MD) is an expert in helping businesses of all sizes secure the correct PI insurance. With his experience that spans over 15 years, you can trust us to sort the cover that you need. Don’t let a mistake cost you your business and give us a call at EYIB today and make sure your business is protected.
Who would need professional indemnity insurance?
Any business that provides professional services or advice to clients needs PI insurance including, but by no means limited to: estate agents, solicitors, and accountants.
Who would need professional indemnity insurance?
What does Professional Indemnity Insurance cover?
Professional indemnity insurance protects the policyholder from the costs of legal action brought against them in relation to financial losses brought on by the carelessness, error, or omission in professional advice or services rendered by your company.