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What is professional indemnity insurance UK?
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What is Professional Insurance?
Professional indemnity insurance, often referred to as professional liability insurance or PI insurance, covers legal costs and expenses incurred in your defense, as well as any damages or costs that may be awarded, if you are alleged to have provided inadequate advice, services or designs that causes your client to lose money.
Looking for professional indemnity insurance contractors?
Professional indemnity insurance for contractors. Professional indemnity insurance is a vital consideration for all businesses that give advice or offer professional services to other businesses. It covers you in the event that you give faulty advice that causes financial loss to a client.
What’s the difference between an ‘any one claim’ and an ‘aggregate’ policy?
‘Any one claim’ and ‘aggregate’ refer to the basis of cover on a professional indemnity policy.
An ‘any one claim’ policy provides cover up to the full limit for each individual claim made in the period of insurance, whereas an ‘aggregate’ policy provides cover up to the full limit for all claims made in the period of insurance.
To put this into context, if two £75,000 claims are made against a £100,000 any one claim professional indemnity policy, the insurer would cover the costs of both claims, as they are both under the £100,000 limit.
If two £75,000 claims are made against a £100,000 aggregate professional indemnity policy, the insurer would only pay up to the £100,000 limit. As the claims total £150,000, the remaining £50,000 would need to be covered by other means.
Although any one claim is generally considered the more comprehensive option, the basis of cover varies from insurer to insurer depending on your business activity.
What does ‘claims made’ mean?
A ‘claims made’ policy provides cover for claims which are made and notified to the insurer during the period of insurance.
This means that provided the wrongful act occurs during the period of insurance, and you report it to the insurer during the period of insurance, it will be covered. However, if the policy is cancelled or not renewed, cover will end and any subsequent claim – regardless of when the wrongful act occurred – would not be covered by that policy. As such, it’s important to have professional indemnity insurance cover in place – even between contracts or work – to ensure your business is protected. All Markel Direct professional indemnity insurance policies are on a ‘claims made’ basis.
This contrasts with a ‘claims occurring’ policy which provides cover for claims which occur during the period of insurance. Professional indemnity policies are rarely, if ever, written on this basis. It is more commonly found with public liability and employer’s liability policies.
What is ‘run off’ cover?
Run off cover insures against claims of professional negligence brought against you after your business has ceased trading. This could be, for example, if you have sold your business or closed it down. It is particularly important for retired business owners to consider; without run off cover in place, they would have to fund the defence of the claim out of their own back pocket.
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