Life of PI (Professional Indemnity Insurance)

Contracting is a line of work that experiences high risks, and often contractors can incur huge claims being made against them. As a professional working for a limited company, their mistakes are not covered by a corporate umbrella or large business, therefore insurance in needed in the cases where a contractor may make a mistake resulting in the financial loss of the client they may be working for. Basically, contractors need insurance to give them ample protection should the worst happen during a contract, and the finger then points at them.

This is where PI Insurance (Professional Indemnity Insurance) (PII) rears its helpful head, as this insurance policy is the must have cover should this occur. The policy (unsurprisingly) protects a contractor’s professional indemnity, and covers the costs and fee’s that defending a negligence claim may sustain. The cover is very cheap when comparing it to its usefulness, and its price exists at around £147 per annum, a small price to pay for such a vital safety net.

PI Insurance remains one of the top forms of business insurance, and by far one of the most purchased forms of contractor insurance, and it isn’t hard to see why when weighing up its benefits compared to its actual cost. There are many cases of contractors suffering ridiculously high losses of up to millions because of them not owning PI Insurance, and any contractor would back up its importance. The policy’s simplicity remains one of its most commended features, as with simply a click of a button on your mouse, a year’s total and full cover could be yours, for a low price that is very hard to miss.
By:Steven Bailey

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