Professional Indemnity Insurance is a business insurance policy which reacts in circumstances where a third party (your client) brings a negligence claim against you, alleging that an error or omission in your services has caused a financial loss.
The policy will look to cover the costs of defending your case, such as legal representation, as well as the liability found owing where necessary.
PI insurance is arranged on a 'claims-made' basis meaning that once your policy has lapsed, you will be unable to make a claim even if the incident which gave rise to the claim relates to a period during which your policy was active. It is important therefore to maintain cover until you are no longer subject to the relevant risks this policy covers. See below for more information.
Qdos provides annual policies with a range of indemnity limits (levels of cover) of £1 million, £2 million, and £5 million.
Professional indemnity insurance is not a legal requirement in the UK, however you may need PI insurance if:
A breach of confidentiality is when private information is shared with a third party without the consent of the owner of that information.
Professional Indemnity Insurance is a business insurance policy designed to protect your business against claims for financial loss. Find out more.
Professional indemnity insurance reacts in circumstances where you are alleged to have caused a financial loss due to negligence, omission, or error.
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