Professional Indemnity Insurance (PII)

A professional service is accompanied by professional indemnity insurance

APPLY FOR PI INSURANCE

What is Professional Liability insurance
and what does it cover?

Professional liability insurance (PI or PII) is insurance cover that pays out in the event that a business makes a mistake that causes a client to suffer financial loss. It is particularly important for businesses that offer advice, designs, consultancy or services to it’s clients.

Elmore PI Insurance USP’s

Years of experience

Tailored Solutions

Dedicated Insurance Capacity

Operational Risk Experts

Professional Indemnity Insurance Risks

The top cause of PI claims is failure of communication. This can be in the written, spoken or unspoken (implied/assumed) form, published or not, conveyed in any permanent or transient form and may or may not have originated from the company but nevertheless relied upon by a client.

There are 4 different types of Professional Indemnity
policy which a business can purchase:

Errors and Omissions

This is the most basic
form of PI cover and
restricts claims to
errors and omissions
from the provision of
a firms service.

Negligence

This provides a wider
scope of cover,
covering a broader
scope of mistake for
a claim to be brought
under.

Civil Liability

This provides an
extended definition
of liability, providing
indemnity for any
civil liability.

Legal Liability

This provides the
widest form of
professional liability
cover giving
protection from any
form of legal liability.

There are additional areas of coverage available in a PI insurance policy, not included as standard which Insurers will charge an additional premium for. Elmore recommends the following covers are included when seeking quotations:

Mitigation Costs

If a mistake is discovered
before it becomes a claim
insurers will pay for the costs
to rectify thee mistake
before it becomes a claim

Loss of Documents

Covers claims from clients if
documents are lost or
misplaced.

Court Costs

This covers the travel and
accommodation costs of a
director or employee to attend
court to defend the company.

Am I covered by existing
insurance arrangements?

Professional Liability Insurance is one important part of a comprehensive insurance programme. It is likely existing insurance arrangements will have elements of Professional Liability cover but may not provide coverage against all the different scenarios in which a serious Claim event can impact a business. Contact Elmore to undertake a gap analysis of your existing cover to see how you are covered.

Keeping your data secure

We take cyber security seriously and are one of the few in the insurance industry to certify with Cyber Essentials.
Implementation of Cyber Essentials controls can significantly reduce the risk of prevalent but unskilled cyberattack.