Our Professional Indemnity Insurance protects businesses and individuals who provide designs, advice or expertise as part of their service. The insurance covers costs incurred if a customer alleges that you provided faulty advice and they have suffered a loss as a consequence.
As much as you focus on delivering a fantastic service, we can all make mistakes on occasion and it can sometimes be the simplest errors that end up being the most costly. This insurance protects you against these potentially significant costs. Holding this insurance can also on occasion be made a requirement of a contractor or customer.
Professional Indemnity Insurance (Summary)
Limits of indemnity available up to £2M
Competitive rates for most trades including electricians and plumbers
Professional indemnity (PI) insurance is a type of liability insurance that will cover legal costs and damages, up to your chosen limit of indemnity, that you are required to pay as a consequence of providing incorrect advice or making mistakes in your designs that need rectification. More specifically the insurance will cover:
Your legal defence – costs incurred defending you in court against claims of professional negligence.
Compensation – Any sum awarded to cover the cost of rectification of faulty work or any additional compensation awarded by the court.
An electrician installed emergency lighting that did not comply with the relevant building regulations, the lighting needed to be removed and new lighting re-installed.
An electrician deigned and installed a back up generator in a shop, the generator failed causing damage to frozen foods and impacting the shop’s ability to trade.
An engineer designed a heating system that was alleged to be inefficient and faulty due to a design error that required rectification. The decision was upheld in court and there were significant rectification costs.