Why Choose Us?
Watkin Davies provides bespoke Professional Indemnity Insurance across a variety of sectors. Our team of experts work with you to ensure that we provide a comprehensive solution taking into consideration policy coverage, wording and extensions, including where required, industry compliant wordings, such as RICS, ACCA/ ICAEW or SRA.
We source compatible solutions from a number of market leading insurers, taking into consideration the risk features of each individual organisation we work with to ensure that we deliver cost effective policies for our clients
What is Professional Indemnity Insurance?
Professional indemnity insurance is an important type of business insurance, especially for businesses that give advice or provide a professional service to clients. It can cover compensation claims if a business is sued by a client for making a mistake that leads to financial loss.
The businesses that usually decide they need professional indemnity insurance (sometimes called PI insurance) are those that give advice, offer a professional service, or handle client data or intellectual property. It’s therefore important for many business types, from accountants to architects.
Some professional bodies or regulators demand that their members or the businesses they regulate hold professional indemnity insurance. This applies to solicitors, accountants, architects, chartered surveyors, financial advisers and some healthcare professionals.
Other businesses will decide to take out a policy anyway, to protect them financially and help them win contracts. After all, in many cases clients will only do business with you if you are properly protected. A good professional indemnity policy helps to provide you and your clients with peace of mind.
What does it do?
Professional indemnity insurance can cover compensation payments and legal fees if a client makes a claim against you. The compensation payment will usually take into account the financial loss that the client has suffered.
Imagine, for example, that you are handling client data, but you or an employee copies the wrong person into an email when sending on the data. Your client sues you for breach of confidentiality. In this case, your professional indemnity insurance could pay for the cost of the compensation claim, along with legal expenses..
In certain situations or professions, it would be common to include extensions to cover the following;
- Collateral Warranties
- Cover for any other person or firm acting jointly with the insured
- Continuation of cover beyond the date of cancellation in the event of the firm being wound up, to allow a period for claims to be made following negligent acts committed prior to the closure of the firm
- Liability for breach of warranty of authority, in case an insured takes an action in good faith on behalf of a client which they are, in fact, not authorised to do
- Fidelity guarantee (Employee Dishonesty)
- Loss of Documents
- Defence of Criminal Proceedings (such as claims arising under Building Regulation or Health & Safety Legislation)
Our areas of expertise include:
Architects & Engineers, Design & Construct (Construction including; Building, Civil Engineering, Electrical, Cladding & Roofing, Scaffolding etc), Media & Technology, Legal Professions, Accountants, Green Technology & Renewables, Environmental Consultants, Training (Health & Safety, Fire & Security, Coaching & Education etc), Surveying, Recruitment, I.F.A’s, Insolvency Practitioners, Management Consultants, Medical (Medical Malpractice), Marine & Offshore, plus other Miscellaneous Professions.