Specialist Products

Professional Indemnity

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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:


You may need professional indemnity insurance if you...

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 yourprofessional 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 on 01253 598957

or email gary@rowlands-hames.co.uk

John A Isles on 01253 598953

or email john@rowlands-hames.co.uk


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

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

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

U

Travel Agents

V

VAT Consultants

W

Website Designers

Wildlife Consultants

Will Writers

 

 

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