Professional Indemnity Insurance provides cover to professionals when their advice leads to a financial loss or burden - and the client decides to sue for compensation.

1. What is Professional Indemnity
Insurance?
How it works

2. What is Professional Indemnity
Insurance?
Professional Indemnity Insurance (also known as PI or Indemnity
Insurance) refers to when your professional advice leads to a
financial loss or burden for the client and they decide to sue you for
damages and compensation.

3. Who uses it?
PI is common for those that give professional advice such as:
• Dentists
• Doctors
• Lawyers
• Accountants

4. Why do I need it?
In the event that a customer sues you for damages, despite your best
efforts to give professional advice, they can potentially damage
thousands and thousands and even millions in compensation in
terms of medical bills, legal fees and loss of income.
Having Professional Indemnity Insurance in place will offer protection
and pay compensation to the victim if necessary, so that you are
not personally out of pocket.
Professionals can purchase cover ranging from £50,000 to £10 million,
depending on their profession and size of their business.

5. What are the most common reasons
for PI?
Professional Negligence: A professional makes a mistake without their
knowledge or intention. This could involve selling something that is
broken without realising it.
Loss of documents or data: The individual loses important documents on
behalf of a client that possess key data and there is a fee to replace them
Breach of copyright or confidentiality: The trusted professional breaks
confidentiality and releases sensitive information about their client to a
competitor or the public.
Defamation: The person acting on behalf of the client, speaks ill of them
leading to a damaged reputation or loss of revenue.

6. Get a free and no obligation quote from Be Wiser Business Insurance

7. For more information, visit:
https://www.bewiserbusinessinsurance.co.uk/liability/profe

8. For more information, visit:
https://www.bewiserbusinessinsurance.co.uk/liability/
professional-indemnity-insurance