PI Insurance

Do you need a professional Indemnity insurance?

Are you in the business of selling your knowledge and expertise to others who are ready to pay the price? If yes, then you are a ‘professional’ and you should definitely get yourself a professional indemnity insurance cover.

Professional insurance will primarily protect you in the event of your failure to deliver your service/product up to the agreed standards. Such inability often leads to legal battles, which often are considerably costly. Moreover, any professional should bear in mind that competing with any organization in the court can be a really costly proposition. Other than this, professional indemnity also includes the cost you might have to incur to make up for the losses.

Professional indemnity insurance is widely popular across the United Kingdom and more and more professions are now being included in the veil of professional indemnity. However, the kind of businesses that usually need this cover are professionals offering a service or advice such as architects, accountants, solicitors and consultants.

Note! To avail professional indemnity insurance, you need to be covered when a claim is made, not for when the mistake is made. Hence, be insured early.

Professional Indemnity

Any professional indemnity insurance provider needs to be professional in their service

No insurance company can excel unless it starts understanding what the client wants. In fact, so huge is the list of needs that necessitates insurance that any company without proper insight into the industry will simply fade away among its competitors. The financial consequences of litigation can be so enormous, that simple knowledge about insurance will not help. What is required is a detailed understanding of preventive as well as countermeasures.

Any professional indemnity insurance provider must provide cost effective insurance solutions to risk management, should work in tandem with freelance contractors to identify the risks and assess the level of cover needed. Though it sounds simple, actually it is not. The extent to which litigation reaches can often be unimaginable and any professional indemnity insurance policy should be offered after careful evaluation of each and every situation that might arise and what precaution should be taken.

Coulson Pritchard Associates is experienced in all forms of professional indemnity insurance and places particular emphasis on client service, risk management, creative and cost effective placements. We frequently blend our insurance programs with the use of captives and other risk financing methods in order to achieve the greatest balance sheet protection.