Can you apply for PI insurance?

There are those who are still hesitant to buy professional indemnity insurance, often for no other reason than understanding whether or not they can apply, even whether they will reap the benefits. This information is a necessity when starting/sustaining a business, as insurance is essential to protect your time, money and investments.

In essence, all kinds of professional business gaining profit who employ or provide services for clients are obliged and encouraged to have PI insurance. The realms of finance and data handling very often will purchase professional indemnity insurance as a priority policy, as it allows them to operate business and control their accounts without fear or worry of any accidents. Often the most common area of business that is sold PI insurance is within the sectors of IT and general computer based companies and clients such as web designers, analysts and so on. This reason is because unlike more physical or even personal areas of business, all data is recorded on computers, therefore the risks become higher. With any insurance, the higher the risk, the greater the need for a policy and this is why IT creates such a great need for professional indemnity insurance. The reason for this is, as mentioned before, that working on computers comes with higher risk, for example the possibilities of losing information or scrambling data inadvertently is arguably higher than that of a profession that deals in manual data.

It doesn’t matter if one is a highly established or relatively smaller business professional; PI insurance provides valuable cover for many individuals, from medical specialists, financial developers, law partnerships, marketers etc. With PI insurance they are all very well protected and can be reassured that they will not be liable to lose their money if ever a client or company files for any legal action against them.

Basically, PI insurance is valuable for practically anyone in a professional trade, it acts very much like contractor insurance but with businesses in mind. With PII one can be safe in the knowledge that they are covered if they are the victim or perpetrator of any kind of professional error.


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